Price Determination in a Competitive Industry with Costly Information and a Production Lag
分析竞争性企业在无法区分行业与个体成本冲击时，通过购买信息来调整价格和产量，发现信息成本越低、总成本波动越大，知情企业比例越高。
We analyze the role of information for price and output adjustment when competitive firms with rational expectations cannot directly distinguish between industrywide and firmspecific cost disturbances.Firms may become informed about industrywide cost conditions by acquiring information at a cost.The sensitivity of price and output to cost disturbances decreases as more firms choose to purchase information.The equilibrium industry share of informed firms increases as the cost of information falls and total cost variability increases.The equilibrium share of informed firms is largest when there is a comparable degree of variability in both industrywide and firm-specific costs.