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Organizing Production in a Large Economy

  • Paul R. Milgrom

    (Northwestern University)

  • Robert J. Weber

We show that in a large production economy, the cost of collecting the information required by a planner to set nearly optimal prices is negligible relative to the total output of the economy. The cost of collecting the information required to set a nearly optimal production plan for each firm in the economy is not negligible. This conclusion stands in contrast to common opinion that determining optimal prices requires as much information as determining an optimal plan.

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File URL: http://cowles.econ.yale.edu/P/cd/d06b/d0672.pdf
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Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 672.

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Length: 9 pages
Date of creation: Jul 1983
Date of revision:
Handle: RePEc:cwl:cwldpp:672
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