俱乐部信息、信息精确度及社会福利.PDF

俱乐部信息、信息精确度及社会福利 摘 要 本文引入“俱乐部信息”这一新概念，对经济中存在公共信息、个人信息以 及俱乐部信息的情形进行了分析。结果表明，个人信息和俱乐部信息精确度的提 高均会促进社会福利，而公共信息精确度的提高在一定范围内是不利于福利增进 的，只有在个人信息和俱乐部信息的精确度比较低的情况下时，公共信息精确度 的提高才会增进福利。这一结论与在 Morris 和 Shin(2002)类似，但是与 Morris 和 Shin(2002)相比，加入俱乐部信息的模型能够更好地描述现实，结论表明公共 信息和个人信息精确度的提高可以在更大的范围内促进福利的增加，这无疑是一 个直觉上比较理想的结论，也在一定程度上缓解了 Morris 和 Shin(2002)与 Svensson(2006)关于公共信息精确度的提高是否促进福利的争论。最后，本文进 行了引申和应用，对专利保护和效率工资的存在进行了新的解释。 关键词：俱乐部信息 公共信息 个人信息 信息精确度 福利 研究领域：宏观经济学/ 福利经济学 I Club Information, The Precision of Information and Social Welfare Abstract This paper makes a new specification called club information, and discusses the welfare in an economy with public information, private information and club information. It concludes that the precision of both private and club information increases walfare, while the precision of public information only increases welfare when the precison of private information and club information is very low. This conclusion is similar with Morris and Shin(2002)’s. However, with the new specification of club information, the model describes the reality better, and points out that the precision of public information and private information can increase welfare in a larger range than ever, which is more acceptable. This conclusion also smoothes the debate between Morris and Shin(2002) and Svensson(2006). This paper also extendes the conclusion, and makes new explainations to the cases of patents protection and efficient wage. Keywords: Club Information;