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On the Information Exchange between Risk-Averse Firms : The Mean and Variance Effects
http://hdl.handle.net/10441/00016146
http://hdl.handle.net/10441/00016146c2237b62-20cc-4179-94c9-c8325167304f
| 名前 / ファイル | ライセンス | アクション |
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DPE3Sakai.pdf (716.5 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||||
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| 公開日 | 2020-06-17 | |||||||
| タイトル | ||||||||
| タイトル | On the Information Exchange between Risk-Averse Firms : The Mean and Variance Effects | |||||||
| 言語 | en | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| 著者 |
Sakai, Yasuhiro
× Sakai, Yasuhiro
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| 著者(ヨミ) | ||||||||
| 姓名 | サカイ, ヤスヒロ | |||||||
| 言語 | ja-Kana | |||||||
| 著者別名 | ||||||||
| 姓名 | 酒井, 泰弘 | |||||||
| 言語 | ja | |||||||
| 著者所属 | ||||||||
| ja | ||||||||
| 滋賀大学経済学部 | ||||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | There have been so many papers on the theory of oligopoly and information. In spite of a growing literature on this subject, however, we believe that there is nevertheless a conspicuously missing link in it. To our surprise, very few papers have ever attempted to investigate an important subject of "information exchange and risk aversion. " Although such a subject seems to demand a very tough computations and psychological pains, we strongly believe that someone must take up a challenge. The main purpose of this paper is to do our best for filling in such a missing gap, thus hoping to do a contribution to the important subject of oligopoly and information. More specifically, this paper aims to discuss the value of additional information in Cournot duopoly when each firm faces its own cost uncertainty. If firms display risk aversion and thus maximize the expected utility of profits, the exchange of cost information between them affects the mean values of outputs as well as their variances. By effectively employing a constant absolute-risk-aversion model, we are able to show the variance effect may sometimes overpower the mean effect, whence information sharing may possibly make firms worse-off. As our daily experience shows, "going together" may sometimes be a better policy than "going alone." * This paper is a completely revised version of Sakai-Yoshizumi (1991a). Sakai has exerted all his energy for revitalizing it in line with more recent developments of oligopoly theory under imperfect information. Sakai wishes to dedicate this new paper to the fond memory of Mr. Akihito Yoshizumi,who unfortunately retired from active academic work some time ago. | |||||||
| 言語 | en | |||||||
| 引用 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | Discussion Paper, Series E, No. E-3, pp. 1-26 | |||||||
| 言語 | en | |||||||
| 書誌情報 |
en : Discussion Paper, Series E 号 No. E-3, p. 1-26, 発行日 2020-06 |
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| 出版者 | ||||||||
| 出版者 | The Institute for Economic and Business Research Faculty of Economics,Shiga University | |||||||
| 言語 | en | |||||||
| 資源タイプ | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | Technical Report | |||||||
