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Information Discovery for Industrial Policy / Michael Sockin, Wei Xiong.
- Format:
- Book
- Author/Creator:
- Sockin, Michael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w33107.
- NBER working paper series no. w33107
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- Amid growing interest in industrial policy, we develop a model exploring the tension between market-driven information discovery and policymakers' career incentives. While market-based information discovery can help address informational barriers faced by policymakers, career incentives may lead them to aggressively pursue their agendas to signal political capability, shifting dynamics toward a government-centric equilibrium. In this equilibrium, market participants focus on policy-related information over industry fundamentals, weakening the market's role in information discovery and reducing policy efficiency. Our analysis highlights the importance of bureaucratic frictions and market-based information discovery in jointly shaping the effectiveness of industrial policy implementation.
- Notes:
- November 2024.
- Print version record
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