Collaborative Research: Economies with Dispersed Information

合作研究：信息分散的经济

• 批准号: 0721048
• 负责人: Alessandro Pavan
• 金额: --
• 依托单位: Northwestern University
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 2007
• 资助国家: 美国
• 起止时间: 2007-08-15 至 2011-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0721048&HistoricalAwards=false
• 关键词: Collaborative; Research; Economies; Dispersed; Information

This project studies equilibrium, efficiency and policy in economies with dispersed information about commonly-relevant economic fundamentals, such as the profitability of new technologies, returns to financial assets, or aggregate productivity and demand conditions. Previous work studied the equilibrium use of information, and its implications for welfare, assuming that all information is exogenous. The current project extends the theory so as to accommodate endogenous channels of information aggregation, such as the observation of data on past aggregate activity, prices in financial markets, as well as endogenous collection of private information. The project then proceeds by identifying potential inefficiencies in the way information is processed in equilibrium and studying policies that may correct such inefficiencies, without allowing the government to centralize information. The policy exercise considered here is novel and is consistent with Hayek's view that "the economic problem of society is ... a problem of the utilization of knowledge which is not given to anyone in its totality."Broader impactsThe broader impacts of this research are to (i) deepen the theoretical understanding of the positive and normative properties of an important class of models; (ii) bring the theory closer to real-world applications; (iii) identify potential sources of volatility and inefficiency in financial markets, investment, or the business cycle; and (iv) guide policy towards improving the way dispersed information is used in decentralized market economies.

本项目研究具有共同相关经济基本面信息分散的经济体的均衡、效率和政策，如新技术的盈利能力、金融资产回报或总生产率和需求条件。先前的工作研究了信息的均衡使用及其对福利的影响，假设所有信息都是外生的。目前的项目扩展了这一理论，以适应信息聚集的内生渠道，如观察过去的总体活动数据、金融市场价格以及内生的私人信息收集。然后，在不允许政府集中信息的情况下，确定信息均衡处理方式中潜在的低效率，并研究可能纠正这种低效率的政策。这里考虑的政策实践是新颖的，并且与哈耶克的观点一致，即“社会的经济问题是……一个利用知识的问题，而这些知识并不是全部给予任何人的。“更广泛的影响”本研究的更广泛的影响是：(i)加深了对一类重要模型的积极和规范属性的理论理解；（ii）使理论更接近实际应用；（iii）确定金融市场、投资或商业周期中波动和低效率的潜在来源；指导政策以改进分散的信息在分散的市场经济中使用的方式。