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- W2156156774 abstract "ABSTRACT This paper examines equilibrium and welfare in a tractable class of economies with externalities,strategic complementarity or substitutability, and incomplete information. In equilibrium,complementarity amplifies aggregate volatility by increasing the sensitivity of actions to publicinformation; substitutability raises cross-sectional dispersion by increasing the sensitivity to privateinformation. To address whether these effects are undesirable from a welfare perspective, wecharacterize the socially optimal degree of coordination and the efficient use of information. Weshow how efficient allocations depend on the primitives of the environment, how they compare toequilibrium, and how they can be understood in terms of a social trade-off between volatility anddispersion. We next examine the social value of information in equilibrium. When the equilibriumis efficient, welfare necessarily increases with the accuracy of information; and it increases[decreases] with the extent to which information is common if and only if agents' actions arestrategic complements [substitutes]. When the equilibrium is inefficient, additional effects emergeas information affects the gap between equilibrium and efficient allocations. We conclude with a fewapplications, including production externalities, Keynesian frictions, inefficient fluctuations, andefficient market competition.George-Marios AngeletosDepartment of EconomicsMIT50 Memorial Drive, E51-251Cambridge, MA 02142and NBERangelet@mit.eduAlessandro PavanNorthwestern University2001 SheridanArthur Andersen Hall 3239Evanston, IL 60208alepavan@northwestern.edu" @default.
- W2156156774 created "2016-06-24" @default.
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- W2156156774 date "2005-12-01" @default.
- W2156156774 modified "2023-10-18" @default.
- W2156156774 title "Efficiency and Welfare with Complementarities and Asymmetric Information" @default.
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- W2156156774 doi "https://doi.org/10.3386/w11826" @default.
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