Autore
Rizzello, Salvatore

Titolo
The endogenous asymmetrical information
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 1995 - Fascicolo: 11 - Pagina iniziale: 1 - Pagina finale: 34

This paper's purpose is to extend Akerlof's model of asymmetrical information, which concerns the problems of exchange and the birth of economic instructions. Akerlof's model is here confronted with the most recent neurological and psychological theories on the models of mind, with Hayek's hypotheses about the processes of acquisition and use of knowledge, and with Simon's hypotheses about bounded and procedural rationality. The results have made it clear that asymmetrical information is the product of endogenous processes, unlike what results from Akerlof's model. There follows the invalidity of the hypothesis that exchange take place in traditional terms when there is equal distribution of information.Furthermore, this research looks into the microfoundations of the processes that create asymmetries, whose economic implications carry ineresting developments on the individual processes of exchange, on competition, on the structure, and on the dynamics of organizations and institutions, which are here looked into. Moreover, tese microfoundations conribute to give strength to the models of path-dependence of technological and institutional change pointed out by North




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