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Information Disclosure and Voluntary Contributions to Public Goods

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  • Siew Hong Teoh

Abstract

This article analyzes the effect of information generation and disclosure upon free-riding and on the likelihood that cooperative efforts collapse in a public-goods game. In this model, the prospect of greater disclosure can make all individuals worse off ex ante by reducing expected contributions to the public good. The model provides conditions under which disclosure becomes either more or less desirable as a function of the number of individual contributors. Regulation or competitive problems that increase direct costs of disclosure may on average increase the provision of public goods and improve welfare. The desirability of disclosure in the contexts of collective political action, debt renegotiation, and production in teams are discussed.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 28 (1997)
Issue (Month): 3 (Autumn)
Pages: 385-406

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Handle: RePEc:rje:randje:v:28:y:1997:i:autumn:p:385-406

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Cited by:
  1. Subrahmanyam, Avanidhar & Titman, Sheridan, 1998. "Feedback from Stock Prices to Cash Flows†(formerly called “Real Effects of Financial Market Trading)," University of California at Los Angeles, Anderson Graduate School of Management qt2hw9m972, Anderson Graduate School of Management, UCLA.
  2. Almazan, Andres & Suarez, Javier & Titman, Sheridan, 2004. "Stakeholders, Transparency and Capital Structure," CEPR Discussion Papers 4181, C.E.P.R. Discussion Papers.
  3. Kfir Eliaz & Roberto Serrano, 2014. "Sending information to interactive receivers playing a generalized prisoners’ dilemma," International Journal of Game Theory, Springer, vol. 43(2), pages 245-267, May.
  4. Daniel, Kent & Hirshleifer, David & Teoh, Siew Hong, 2002. "Investor psychology in capital markets: evidence and policy implications," Journal of Monetary Economics, Elsevier, vol. 49(1), pages 139-209, January.
  5. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
  6. Mehmet Bac & Parimal Kanti Bag, 2000. "Strategic Information Revelation in Fund-Raising Campaigns," Econometric Society World Congress 2000 Contributed Papers 0178, Econometric Society.
  7. Verrecchia, Robert E., 2001. "Essays on disclosure," Journal of Accounting and Economics, Elsevier, vol. 32(1-3), pages 97-180, December.
  8. Andrew Kleit, 2001. "Creating a Public Good to Fight Monopolization: The Formation of Broadcast Music, Inc," Review of Industrial Organization, Springer, vol. 19(2), pages 243-256, September.

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