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  • Josef Falkinger

    () (Socioeconomic Institute, University of Zurich)

Abstract

Advertisements provide consumers with knowledge about private products, whereas political information is required to provide voters with knowledge of public issues. Modern information technologies and globalisation are increasing the exposure of individuals to information. Goods advertising is competing with political information for people's attention. This paper presents a politico-economic equilibrium model in which the tension between private and public agendas can be analysed. It is shown that in an information-rich society, international goods market integration tends to reduce the quality of public policy. Complementing economic integration with political integration can increase the gains from globalisation, though not in all cases.

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File URL: http://www.soi.uzh.ch/research/wp/2008/wp0805.pdf
File Function: first version, 2008
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Bibliographic Info

Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number 0805.

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Length: 31 pages
Date of creation: May 2008
Date of revision:
Handle: RePEc:soz:wpaper:0805

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Related research

Keywords: Globalisation; agenda-setting; information-rich societies; scarcity of attention; advertising;

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References

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  1. Dennis Gaertner & Armin Schmutzler, 2006. "Merger Negotiations and Ex-Post Regret," Working Papers 0607, University of Zurich, Socioeconomic Institute, revised Dec 2007.
  2. Rafael Lalive & Armin Schmutzler, 2005. "Exploring the Effects of Competition for Railway Markets," Working Papers 0511, University of Zurich, Socioeconomic Institute, revised Apr 2007.
  3. Hans Gersbach & Armin Schmutzler, 2006. "Foreign Direct Investment and R&D offshoring," Working Papers 0606, University of Zurich, Socioeconomic Institute.
  4. Gersbach, Hans & Schmutzler, Armin, 2007. "Does Globalization Create Superstars?," CEPR Discussion Papers 6222, C.E.P.R. Discussion Papers.
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  6. Adrian Bruhin & Helga Fehr-Duda & Thomas Epper, 2010. "Risk and Rationality: Uncovering Heterogeneity in Probability Distortion," Econometrica, Econometric Society, vol. 78(4), pages 1375-1412, 07.
  7. Helga Fehr-Duda & Adrian Bruhin & Thomas Epper & Renate Schubert, 2010. "Rationality on the rise: Why relative risk aversion increases with stake size," Journal of Risk and Uncertainty, Springer, vol. 40(2), pages 147-180, April.
  8. Dario Sacco & Armin Schmutzler, 2008. "Competition and Innovation: An Experimental Investigation," Working Papers 0807, University of Zurich, Socioeconomic Institute.
  9. Felix Schlaepfer, 2007. "Contingent valuation: a new perspective," Working Papers 0715, University of Zurich, Socioeconomic Institute.
  10. Rafael Lalive & Armin Schmutzler, 2006. "Entry in liberalized railway markets: The German experience," Working Papers 0609, University of Zurich, Socioeconomic Institute, revised Apr 2007.
  11. Sandra Hanslin, 2008. "The effect of trade openness on optimal government size under endogenous firm entry," Working Papers 0802, University of Zurich, Socioeconomic Institute.
  12. Stefan Boes & Kevin Staub & Rainer Winkelmann, 2007. "Hedonic Adaptation to Living Standards and the Hidden Cost of Parental Income," Working Papers 0713, University of Zurich, Socioeconomic Institute.
  13. Stefan Boes, 2007. "Nonparametric Analysis of Treatment Effects in Ordered Response Models," Working Papers 0709, University of Zurich, Socioeconomic Institute.
  14. Alesina, Alberto & Spolaore, Enrico, 1997. "On the Number and Size of Nations," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1027-56, November.
  15. Stefan Boes & Rainer Winkelmann, 2006. "The Effect of Income on Positive and Negative Subjective Well-Being," Working Papers 0605, University of Zurich, Socioeconomic Institute.
  16. Schmutzler, Armin, 2010. "The relation between competition and innovation -- Why is it such a mess?," CEPR Discussion Papers 7640, C.E.P.R. Discussion Papers.
  17. Fabian Waltert & Felix Schlaepfer, 2007. "The role of landscape amenities in regional development: a survey of migration, regional economic and hedonic pricing studies," Working Papers 0710, University of Zurich, Socioeconomic Institute.
  18. Hans Gersbach & Armin Schmutzler, 2006. "A Product-Market Theory of Industry-Specific Training," Working Papers 0610, University of Zurich, Socioeconomic Institute.
  19. Stefan Boes & Markus Lipp & Rainer Winkelmann, 2005. "Money Illusion Under Test," Working Papers 0514, University of Zurich, Socioeconomic Institute.
  20. Adrian Bruhin & Rainer Winkelmann, 2007. "Happiness Functions with Preference Interdependence and Heterogeneity: The Case of Altruism within the Family," Working Papers 0702, University of Zurich, Socioeconomic Institute, revised Feb 2008.
  21. Olivier, Jacques & Thoenig, Mathias & Verdier, Thierry, 2008. "Globalization and the dynamics of cultural identity," Journal of International Economics, Elsevier, vol. 76(2), pages 356-370, December.
  22. Stefan Boes, 2007. "Count Data Models with Unobserved Heterogeneity: An Empirical Likelihood Approach," Working Papers 0704, University of Zurich, Socioeconomic Institute.
  23. Helga Fehr & Thomas Epper & Adrian Bruhin & Renate Schubert, 2007. "Risk and Rationality: The Effect of Incidental Mood on Probability Weighting," Working Papers 0703, University of Zurich, Socioeconomic Institute.
  24. Philippe Mahler & Rainer Winkelmann, 2005. "Single Motherhood and (Un)Equal EducationalOpportunities: Evidence for Germany," Working Papers 0512, University of Zurich, Socioeconomic Institute.
  25. Felix Schlaepfer, 2007. "An analysis of the Swiss vote on the use of genetically modified crops," Working Papers 0717, University of Zurich, Socioeconomic Institute.
  26. Stefan Buehler & Christian Kaiser & Franz Jaeger, 2007. "On the Geographic and Cultural Determinants of Bankruptcy," Working Papers 0701, University of Zurich, Socioeconomic Institute, revised Jun 2007.
  27. Adrian Bruhin, 2008. "Stochastic Expected Utility and Prospect Theory in a Horse Race: A Finite Mixture Approach," Working Papers 0803, University of Zurich, Socioeconomic Institute.
  28. Josef Falkinger, 2008. "Limited Attention as a Scarce Resource in Information-Rich Economies," Economic Journal, Royal Economic Society, vol. 118(532), pages 1596-1620, October.
  29. Dennis Gaertner, 2007. "Why Bayes Rules: A Note on Bayesian vs. Classical Inference in Regime Switching Models," Working Papers 0719, University of Zurich, Socioeconomic Institute.
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Citations

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Cited by:
  1. Donja Darai & Dario Sacco & Armin Schmutzler, 2009. "Competition and Innovation: An Experimental Investigation," Working Papers 0608, University of Zurich, Socioeconomic Institute, revised Apr 2007.
  2. Dario Sacco & Armin Schmutzler, 2008. "All-Pay Auctions with Negative Prize Externalities: Theory and Experimental Evidence," Working Papers 0806, University of Zurich, Socioeconomic Institute.

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