Competition, Comparative Performance, and Market Transparency Journal Article uri icon



  • We study how competition affects market transparency, taking into account that comparative performance is assessed via tournaments and contests. Extending Dye (1985) to a multi-firm setting in which top performers are rewarded, we show that increased competition usually makes disclosure less likely, which lowers market transparency and may decrease per capita welfare. This result appears to be robust to several model variations and as such, has implications for market regulation. (JEL D82, D83, L77, L25)

publication date

  • November 1, 2012

Full Author List

  • Carlin BI; Davies SW; Iannaccone A

Other Profiles

Additional Document Info

start page

  • 202

end page

  • 237


  • 4


  • 4