Information and the operation of markets: tests based on a general equilibrium model of land leasing in India
构建了一个可估计的一般均衡模型，检验印度村庄中信息是否普遍共享以及市场是否有效，发现信息广泛但市场并非完全有效，对农业家庭模型和农村制度研究有启示。
This paper develops an estimable general equilibrium model of land leasing to test the extent to which information is commonly held in a village and whether village markets are efficient. Information regarding the relative farming skill of households is found to be widespread, but the assumption of perfectly efficient markets within the village is rejected. These results have ramifications for the estimation of agricultural household models and for our understanding of rural institutions. The model is derived from the primitives of the production technology, the extent of information and the distributions of assets and several household unobservables. Simultaneity and selection issues are dealt with explicitly in a two-stage maximum likelihood estimation procedure using panel data from India.