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The Value of Information in Some General Equilibrium Models

B. Eckwert and Itzhak Zilcha

Working Papers from Tel Aviv

Abstract: The paper generalizes Blackwell's theorem, according to which the welfare effects of an improvement in information are positive to certain class equilibrium production economies. The consumer preferences in this class of economies exhibit either constant relative risk of constant risk aversion or constant absolute risk aversion. We also demonstrate that the introduction of risk sharing markets may invalidate the blackwll result.

Keywords: INFORMATION SYSTEM; RISK; ECONOMIC MODELS (search for similar items in EconPapers)
Pages: 20 pages
Date: 1998
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Citations: View citations in EconPapers (1)

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