Toward a Theory of Financial Accounting: Welfare and Public Information
运用新古典福利经济学概念，研究纯交换经济中公共信息对市场配置效率及参与者福利的影响，指出信息虽不增加商品总量，但能改变感知风险，从而具有社会效益。
In this paper we employ the concepts of neoclassical welfare economics to consider the role of publicly available information in various market configurations modeling pure exchange economies. The need for such a study arises for several reasons. First, while the existing process of producing and disseminating accounting information may, with some oversimplification, be described as generating publicly available information, there has been systematic study of the effects of such a process on either the allocational efficiency of a market or on the broader welfare implications of such information for the participants transacting in such a market.' Second, the existing literature fails, at least to some extent, to capture the flavor or spirit of the role of public information in a market setting. At first glance it might appear that information would have no social benefit in a pure exchange economy since it does not increase the aggregate supply of consumptive goods across states and dates. As will be demonstrated, this impression is not justified as a general conclusion. The important dimension of information is that it affects perceived risks