The Effect of Better Information on Growth and Welfare
AbstractWe develop an OLG economy with accumulation in human capital. Heterogenity among individuals in each generation results mainly from the (random) innate ability assigned to each individual. We analyze how better information, which allows better 'screening' during the 'youth' period when the individual human capital is being formed, affects welfare and the accumulation process of human capital in each generation. Our analysis highlights the critical role played by the degree of risk aversion in the economy and by the availability of a risk sharing market.
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Bibliographic InfoPaper provided by Tel Aviv in its series Papers with number 2001-14.
Length: 29 pages
Date of creation: 2001
Date of revision:
Contact details of provider:
Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.
Web page: http://econ.tau.ac.il/research/foerder.asp
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HUMAN CAPITAL ; GENERATIONS ; INFORMATION;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D60 - Microeconomics - - Welfare Economics - - - General
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- Bernhard Eckwert & Itzhak Zilcha, 2007.
"The Effect of Better Information on Income Inequality,"
Springer, vol. 32(2), pages 287-307, August.
- Bernhard Eckwert & Itzhak Zilcha, 2003. "The Effect of Better Information on Income Inequality," CESifo Working Paper Series 969, CESifo Group Munich.
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