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The Value of Information in Some General Equilibrium Models

Author

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  • Eckwert, B.
  • Zilcha, I.

Abstract

The paper generalizes Blackwell's theorem, according to which the welfare effects of an improvement in information are positive to certain class equilibrium production economies. The consumer preferences in this class of economies exhibit either constant relative risk of constant risk aversion or constant absolute risk aversion. We also demonstrate that the introduction of risk sharing markets may invalidate the blackwll result.

Suggested Citation

  • Eckwert, B. & Zilcha, I., 1998. "The Value of Information in Some General Equilibrium Models," Papers 13-98, Tel Aviv.
    • Handle: RePEc:fth:teavfo:13-98
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    Cited by:

    1. Eckwert, Bernhard & Zilcha, Itzhak, 2001. "The Value of Information in Production Economies," Journal of Economic Theory, Elsevier, vol. 100(1), pages 172-186, September.

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