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Implications of More Precise Information for Technological Development and Welfare

Implications of More Precise Information for Technological Development and Welfare by Bernhard Eckwert
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This paper analyzes the dynamic interactions between the precision of information, technological development, and welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous effects on technological progress and welfare, which depend critically on the risk sharing capacity of the economy's financial system. For example, we show that with efficient risk sharing more precise information adversely affects the equilibrium risk allocation and creates a negative uncertainty-related welfare effect, at the same time as it accelerates technological progress and increases R&D investment.
International Monetary Fund; April 2007
23 pages; ISBN 9781452771311
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Title: Implications of More Precise Information for Technological Development and Welfare
Author: Bernhard Eckwert; Burkhard Drees
 
ISBNs
1451911122
9781451866599
9781451911121
9781452771311