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Information and Investment - A Study in the Working of the Competitive Economy | Oxford Scholarship Online
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Information and Investment: A Study in the Working of the Competitive Economy

G. B. Richardson

Abstract

Firms base their investment decisions on expectations, these being based, in turn, upon information about relevant future circumstance. The availability of this information depends partly upon the market structure within which firms operate. In perfect competition, firms would find this information impossible to obtain, which is the reason why no plausible account has been provided of how, given that particular market structure, movement to equilibrium could take place. In order to understand how market economies work, how competitive and complementary investments are coordinated, we need to t ... More

Keywords: competition, coordination, expectations, market structures, networks, planning

Bibliographic Information

Print publication date: 1997 Print ISBN-13: 9780198292432
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0198292430.001.0001

Authors

Affiliations are at time of print publication.

G. B. Richardson, author
Keble College, Oxford