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The Efficacy of Information Policy: A Review of Archon Fung, Mary Graham, and David Weil's Full Disclosure: The Perils and Promise of Transparency

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  • Clifford Winston

Abstract

The economics of information has identified an important role for government to correct situations where competition is not sufficient to reveal valuable information to consumers. Archon Fung, Mary Graham, and David Weil's Full Disclosure: The Perils and Promise of Transparency provides a thorough discussion of government-mandated disclosure policies. I use their book to frame an empirical assessment of whether these—and other information policies—have significantly reduced the costs to consumers created by imperfect information. My conclusion, which calls for more research, is that government information policies have amounted to weak solutions in search of a problem.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.46.3.704
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 46 (2008)
Issue (Month): 3 (September)
Pages: 704-17

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Handle: RePEc:aea:jeclit:v:46:y:2008:i:3:p:704-17

Note: DOI: 10.1257/jel.46.3.704
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  18. Ginger Zhe Jin & Phillip Leslie, 2003. "The Effect Of Information On Product Quality: Evidence From Restaurant Hygiene Grade Cards," The Quarterly Journal of Economics, MIT Press, vol. 118(2), pages 409-451, May.
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Cited by:
  1. Seth M. Freedman & Melissa Schettini Kearney & Mara Lederman, 2009. "Product Recalls, Imperfect Information, and Spillover Effects: Lessons from the Consumer Response to the 2007 Toy Recalls," NBER Working Papers 15183, National Bureau of Economic Research, Inc.
  2. Armstrong, J. Scott & Green, Kesten C., 2013. "Effects of corporate social responsibility and irresponsibility policies," Journal of Business Research, Elsevier, vol. 66(10), pages 1922-1927.
  3. Green, Kesten C. & Armstrong, J. Scott, 2012. "Evidence on the effects of mandatory disclaimers in advertising," MPRA Paper 37766, University Library of Munich, Germany.
  4. James M. Lacko & Janis K. Pappalardo, 2010. "The Failure and Promise of Mandated Consumer Mortgage Disclosures: Evidence from Qualitative Interviews and a Controlled Experiment with Mortgage Borrowers," American Economic Review, American Economic Association, vol. 100(2), pages 516-21, May.

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