The Value of Information in Some General Equilibrium Models.

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.

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Year of publication:	1998
Authors:	Eckwert, B. ; Zilcha, I.
Institutions:	Foerder Institute for Economic Research, Eitan Berglas School of Economics
Subject:	INFORMATION SYSTEM \| RISK \| ECONOMIC MODELS

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Series:	Tel Aviv.
Type of publication:	Book / Working Paper
Notes:	20 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005489273