Information, the internet and competitive equilibrium
AbstractWe analyse the consequences of an increase of information (say as a consequence of the internet), on the equilibrium of a pure exchange economy with n goods and m agents. We assume that such an increase modifies the characteristics of goods la Lancaster and has a positive effect on utility. We show that in equilibrium an increase of information increases a linear combination of the utilities of the agents. The different possibilities of gains and losses are explicitly analysed in an example with two goods and two agents.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2001057.
Date of creation: 00 Dec 2001
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Find related papers by JEL classification:
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
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