Hayek's main ideas about the competitive mechanism and private information are compared with recent developments in economic theory. The paper argues that they differ because of the kind of knowledge they refer to, that is, to knowledge that cannot be verified ex-post. From this analysis it is possible to conclude that Hayek's notion of equilibrium entails neither Pareto optimal properties nor full information efficiency.
Zappia, C. (1996). The notion of private information in a modern perspective: a re-appraisal of Hayek’s contribution. EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT, 3(1), 107-131 [10.1080/10427719600000006].
The notion of private information in a modern perspective: a re-appraisal of Hayek’s contribution
ZAPPIA C.
1996-01-01
Abstract
Hayek's main ideas about the competitive mechanism and private information are compared with recent developments in economic theory. The paper argues that they differ because of the kind of knowledge they refer to, that is, to knowledge that cannot be verified ex-post. From this analysis it is possible to conclude that Hayek's notion of equilibrium entails neither Pareto optimal properties nor full information efficiency.
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https://hdl.handle.net/11365/8524
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