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Implications of more precise information for technological development and economic welfare

机译：更精确的信息对技术发展和经济福利的影响

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摘要

This paper analyzes the dynamic interactions between the precision of information, technological development, and welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous effects on technological progress and welfare, which depend critically on the risk sharing capacity of the economy's financial system. Two effects, which can act in the same or in opposite directions, are at work: (i) more precise information allows agents to make better decisions but restricts the scope for risk sharing (the 'uncertainty-related effect') and (ii) more precise information, by changing R&D investment, may have a long-lasting effect due to the model's intertemporal production externality (the 'externality-related effect').
机译：本文分析了重叠世代模型中信息的精确度，技术发展和福利之间的动态相互作用。有关特有生产冲击的更精确信息会对技术进步和福利产生模棱两可的影响，这在很大程度上取决于经济金融体系的风险分担能力。有两种作用可以沿相同或相反的方向起作用：（i）更精确的信息使代理可以做出更好的决策，但限制了风险分担的范围（“与不确定性有关的作用”）和（ii）通过改变研发投入，更精确的信息可能会由于模型的跨期生产外部性而具有长期影响（“与外部性相关的影响”）。

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