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American Economic Journal: Microeconomics: Vol. 4 No. 4 (November 2012)
AEJ: Micro Volume. 4, Issue 4 | 
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AEJ: Micro Forthcoming Articles
Competition, Comparative Performance, and Market Transparency
Article Citation
Carlin, Bruce I.,
Shaun William Davies, and
Andrew Iannaccone. 2012. "Competition, Comparative Performance, and Market Transparency."
American Economic Journal: Microeconomics,
4(4): 202-37.
DOI: 10.1257/mic.4.4.202
DOI: 10.1257/mic.4.4.202
Abstract
We study how competition affects market transparency, taking into account that comparative performance is assessed via tournaments and contests. Extending Dye (1985) to a multi-firm setting in which
top performers are rewarded, we show that increased competition usually makes disclosure less likely, which lowers market transparency and may decrease per capita welfare. This result appears to be
robust to several model variations and as such, has implications for market regulation. (JEL D82, D83, L77, L25)
Article Full-Text Access
Full-text Article
Authors
Carlin, Bruce I. (UCLA)
Davies, Shaun William (UCLA)
Iannaccone, Andrew (UCLA)
Davies, Shaun William (UCLA)
Iannaccone, Andrew (UCLA)
JEL Classifications
D82: Asymmetric and Private Information; Mechanism Design
D83: Search; Learning; Information and Knowledge; Communication; Belief
L11: Production, Pricing, and Market Structure; Size Distribution of Firms
L25: Firm Performance: Size, Diversification, and Scope
D83: Search; Learning; Information and Knowledge; Communication; Belief
L11: Production, Pricing, and Market Structure; Size Distribution of Firms
L25: Firm Performance: Size, Diversification, and Scope
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