The value of information disclosure: Evidence from mask consumption in China
利用中国空气污染信息发布作为准自然实验，研究发现信息披露使PM2.5口罩支出增加32%，主要源于信息质量提升和PM2.5指数新增，对关注污染警报和重污染天效果更显著。
We study the effect of information provision on avoidance behavior, using China’s roll-out of air pollution information as a quasi-natural experiment. With a unique dataset of high-frequency mask purchase transactions, our difference-in-differences estimates show that the provision of air pollution information increases expenditures on PM2.5 respirators by 32%, which is mainly driven by improved information quality and the addition of PM2.5 index. The effect is enhanced by increased attention to pollution alerts and it is more pronounced during heavily polluted days. Our results shed light on the benefits of information provision through inducing avoidance behavior to reduce air pollution exposure.