Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con / Lars E.O. Svensson.

Format:

Book

Author/Creator:

Svensson, Lars E.O.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w11537.

NBER working paper series no. w11537

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Social Value of Public Information Morris and Shin

Social Value of Public Information

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2005.

Summary:

The main result of Morris and Shin (2002) (restated in papers by Amato, Morris, and Shin (2002) and Amato and Shin (2003) and commented upon by Economist (2004)) has been presented and interpreted as an anti-transparency result: more public information can be bad. However, some scrutiny of the result shows that it is actually pro transparency: except in very special circumstances, more public information is good. Furthermore, for a conservative benchmark of equal precision in public and private information, social welfare is higher than in a situation without public information.

Notes:

Print version record

August 2005.