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- W1978175092 abstract "Abstract This paper re-examines a recent article by Grossman and Stiglitz (1980) where information production is shown to be fundamentally incompatible with decentralized market systems. Based upon their model, public production of information is discussed as a natural alternative. Three main implications of the analysis are: (i) the market can be informationally efficient with public production of information, (ii) there exists an informational equilibrium and the resulting allocation is Pareto efficient, and (iii) although the optimal level of information critically depends upon information users' preferences and endowments, their complete knowledge t the societal level is not necessary for public production of information." @default.
- W1978175092 created "2016-06-24" @default.
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- W1978175092 date "1982-12-01" @default.
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- W1978175092 title "Private versus public production of information" @default.
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- W1978175092 doi "https://doi.org/10.1016/0167-2681(82)90009-9" @default.
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