The value of information in production economies

• 成果类型: Article
• 署名作者: Eckwert, B; Zilcha, I
• 署名单位: Technische Universitat Chemnitz; Tel Aviv University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2756
• 发表日期: 2001
• 页码: 172-186
• 关键词: information system; Blackwell theorem; risk sharing

摘要

It is known that Blackwell's (1953, Ann. Math. Statist. 24, 265-272) theorem, according to which more information always has positive value, does not hold in many economic circumstances. In particular, in exchange economies with random endowments it may fail completely. We show that in certain economies with risk averse consumers and risk neutral producers the Blackwell theorem holds in competitive equilibrium, given that risk sharing markets are absent. However, in the presence of a risk sharing market it is shown that for CRRA utility functions all agents may become (weakly) worse off with better information. (C) 2001 Academic Press.