The Brazilian privatization program raised about US$100 billion as a result of the sale of state-owned firms and assets over the period 1990 to 2001. Despite official claims that the privatization auctions were successful in revenue raising, statistical evidence suggests that the buyers, not the...

Product information which is beneficial for an individual consumer may hurt if disseminated widely. Even with rational expectations, a fallacy of composition may occur if information leads to demand and price increases.