Sufficient Conditions for Public Information to Have Social Value in a Production and Exchange Economy
推导了在生产和交换经济中，所有消费者至少不反对公开公共信息的条件，涉及消费者禀赋、金融市场配置效率和企业价值最大化行为，并指出信息在生产和交换经济中可跨期跨企业重新配置资源，这与纯交换经济不同。
Conditions are derived under which all consumers in a production and exchange economy will prefer (at least weakly) disclosure of public information to no such disclosure. The conditions involve consumer endowments, the allocative efficiency of the financial market, and value maximizing behavior by firms. Cases exist where consumers will prefer disclosure of public information in a production and exchange economy, although they would be indifferent to such disclosure in an otherwise similar pure exchange economy. The difference in results is due purely to the fact that in production and exchange economies, information may be used to reallocate resources across time and firms, thus highlighting the fundamental difference between the role of information in pure exchange and in production and exchange economies.