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...

The paper constructs a theoretical framework in which the value of information in general equilibrium can be linked to the efficiency of the risk sharing mechanism. We demonstrate that in economies with production, information may have negative value even though no risk sharing markets exist. As...

We consider an OLG economy with endogenous investment in human capital. Heterogeneity in individual human capital levels is generated by random innate ability. The production of human capital depends on each individual's investment in education. This investment decision is taken only after...

Over the past decades the college sectors in the higher education systems of many Western countries have expanded their capacities massively. This happened even though colleges have been at a competitive disadvantage with universities which are publicly subsidized, while colleges must...