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Could I have only answer? If I need a explaination, I will leave a additional comment. Thanks. Converting private information (information known to one party)
Could I have only answer? If I need a explaination, I will leave a additional comment. Thanks.
Converting private information (information known to one party) to public information (information known to both parties):
1) Will have no effect on transaction costs.
2) Will lower transaction costs.
3) Will raise transaction costs.
4) Will always lower joint social surplus.
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