@techreport{oai:shiga-u.repo.nii.ac.jp:00009830,
 author = {Sakai, Yasuhiro},
 issue = {No. A-6},
 month = {Jul},
 note = {Technical Report, This paper discusses the relationship between information and distribution, with special reference to the role of the merchant in the market economy. By working with simple equilibrium models of the industry and doing a sequence of comparative economic analyses, we intend to shed a new light on an important yet rather neglected area in the economics profession.
Let us suppose that the demand side is subject to many changes and may be represented by a simple uniform distribution function with two parameters, i.e. mean μ and variations σ2. Then we can show that the entry of the informed distributor between the producer and the consumer would cause two opposing welfare effects: A negative intermediation effect and a positive information effect. If the degree of relative risk is large enough in the sense that the σ2－μ2 ratio exceeds a certain threshold value, then the information effect becomes a dominant force. Therefore, the introduction of the distributor into the economy will increase both producer and
consumer surpluses: It will make all the parties better-off.
In a historical perspective, the Ohmi merchant is known to have a good faith in the principle of sampo yoshi or all-round advantages of trading. Hopefully, the result obtained in the paper will give some theoretical ground for such an old and new principle., CRR Discussion Paper, Series A, No. A-6, pp. 1-22},
 title = {Information and Distribution : The Role of Merchants in the Market Economy with Demand Risk},
 year = {2013}
}