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Information, the internet and competitive equilibrium

Author

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  • GAUMONT, Damien
  • MICHEL, Philippe

Abstract

We 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.

Suggested Citation

  • GAUMONT, Damien & MICHEL, Philippe, 2001. "Information, the internet and competitive equilibrium," CORE Discussion Papers 2001057, Universit√© catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:2001057
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    File URL: https://uclouvain.be/en/research-institutes/immaq/core/dp-2001.html
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    More about this item

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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