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Entry, Fixed Costs and the Aggregation of Private Information

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  • Rob, Rafael

Abstract

This article investigates the ability of the price system to aggregate private information in a market of uncertai n size and where set-up costs are incurred by entrants. It is shown t hat the equilibrium is random even when the totality of private infor mation is so large that aggregate uncertainty is virtually nonexisten t. In particular, the limiting equilibrium does not approach the full -information, Walrasian outcome. Hence, the model identifies a techno logical factor (increasing returns), which gives rise to informationa l losses. Copyright 1987 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 54 (1987)
Issue (Month): 4 (October)
Pages: 619-30

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Handle: RePEc:bla:restud:v:54:y:1987:i:4:p:619-30

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Cited by:
  1. M Ali Khan & Kali P Rath & Yeneng Sun, 1994. "On the Existence of Pure Strategy Equilibria in Games with a Continuum of Players," Economics Working Paper Archive 381, The Johns Hopkins University,Department of Economics, revised Feb 1997.
  2. Lorenzo Rocco, 2002. "Anonymity in Nonatomic Games," Working Papers 53, University of Milano-Bicocca, Department of Economics, revised Aug 2002.
  3. Vettas, Nikolaos, 2000. "On entry, exit, and coordination with mixed strategies," European Economic Review, Elsevier, vol. 44(8), pages 1557-1576, August.
  4. Messner, Simon & Vives, Xavier, 2001. "Allocative and Productive Efficiency in REE with Asymmetric Information," CEPR Discussion Papers 2678, C.E.P.R. Discussion Papers.

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