The welfare costs of informationally efficient prices

DOI10.1016/J.GEB.2021.11.014MaRDI QIDQ2078043zbMATH OpenOpenAlexFDO

Authors Moran Koren, Manuel Mueller-Frank

Publication date 25 February 2022

Published in Games and Economic Behavior (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.geb.2021.11.014

zbMATH Keywords

allocational efficiencyasymptotic learningdynamic marketsdynamic pricesefficient pricesherdinginformation aggregationsocial learningtotal surpluswelfare

Mathematics Subject Classification ID

Microeconomic theory (price theory and economic markets) (91B24) Social learning (91D15)

Recommendations

• Learning from others: A welfare analysis
• Information acquisition, price informativeness, and welfare
• Herding with costly information
• Endogenous public information and welfare in market games
• Informational efficiency and welfare

Cites work

• Monopoly pricing in the binary herding model
• Pathological Outcomes of Observational Learning
• Social learning equilibria
• Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve

Cited in

(10)

• Information and the divergence between willingness to accept and willingness to pay
• The pricing effects of ambiguous private information
• Eliciting demand information through cheap talk: an argument in favor of a ban on price discrimination
• The value of information for price dependent demand
• Efficiency of antiquarian bookshops in informationally complete markets
• Information: price and impact on general welfare and optimal investment. an anticipative stochastic differential game model
• INFORMATION AND PRICE DISPERSION: THEORY AND EVIDENCE
• scientific article; zbMATH DE number 2072561 (Why is no real title available?)
• The implications of pricing on social learning
• Market Selection and the Information Content of Prices

This page was built for publication: The welfare costs of informationally efficient prices

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q2078043)