which is used for updating beliefs. Thus, a better information system affects the distribution of human capital in each …) If the relative measure of risk aversion is less (more) than 1 then more information raises (reduces) income inequality …. (b) When a risk sharing market is available better information results in higher inequality regardsless of the measure …

We introduce a "smart" cap and trade system that eliminates the welfare costs of asymmetric information (“uncertainty … aggregate information. It allows policy makers to modify existing institutions to achieve more efficient emission reductions …

; information ; attitudes ; political economy …

Using the framework provided by the asymmetric-information and real-options theories, we examine the impact of …