| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5133 |
| DP5133 Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law | |
| Colin Mayer; Zsuzsanna Fluck | |
| 发表日期 | 2005-07-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | In markets with imperfect information and heterogeneity, the information technology affects the rate at which agents meet, which in turn affects the distribution of production technologies across firms. We show that in models for such markets there are typically multiple equilibria because reservation utility levels and the lowest production technology in use affect each other. The adoption of novel information technologies may then entail a revolution in the sense of a move from an inefficient to an efficient equilibrium. Inefficient production technologies are removed even in sectors where the new information technology has only recently been introduced. The effect is much larger than a marginal comparative-statics effect on a given equilibrium. The results apply to markets for consumer products, labour, intermediate goods, and (public) institutional services. |
| 主题 | Labour Economics |
| 关键词 | Informational frictions Imperfect information Heterogeneity Production technology Internet Price convergence |
| URL | https://cepr.org/publications/dp5133 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534021 |
| 推荐引用方式 GB/T 7714 | Colin Mayer,Zsuzsanna Fluck. DP5133 Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law. 2005. |
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