Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/33567 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 1655
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
In markets with imperfect information and heterogeneity, the information technology affects the rate at which agents meet, which in turn affects the distribution of production technologies across firms. We show that in models for such markets there are typically multiple equilibria because reservation utility levels and the lowest production technology in use affect each other. The adoption of novel information technologies may then entail a revolution in the sense of a move from an inefficient to an efficient equilibrium. Inefficient production technologies are removed even in sectors where the new information technology has only recently been introduced. The effect is much larger than a marginal comparative-statics effect on a given equilibrium. The results apply to markets for consumer products, labor, intermediate goods, and (public) institutional services,
Schlagwörter: 
imperfect information
heterogeneity
production technology
informational frictions
JEL: 
D43
D83
L11
L15
O33
J42
L86
Dokumentart: 
Working Paper

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