Information and Efficiency

Demsetz, H. (1969). Information and Efficiency: Another Viewpoint. The Journal of Law and Economics, 12(1), 1-22.

Type

Journal article

Intellectual base

Primary research

Year

1969

DOI

10.1086/466657

Link

https://doi.org/10.1086/466657

Cited from

philosophy

Cited by

2 citations across 2 artifacts.

Primes

• Nirvana Fallacy
  • In economics and policy, market arrangements are dismissed as "imperfect" by comparison to a frictionless optimum when the relevant comparison is to alternative real-world institutional arrangements that are also imperfect — and the symmetric error dismisses government action for bureaucratic friction when private action also has friction.

Domain-specific

• Relative Privation
  • The deflection works by ranking magnitudes, not by impugning the speaker. Not the Nirvana fallacy. Both use a severity gap to license non-engagement, but the sign differs: relative privation invokes a downward asymmetry (a worse actual case) to dismiss a lesser concern, while the Nirvana fallacy invokes an upward one (a better imagined alternative) to dismiss a partial improvement.

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