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A knowledge curse: how knowledge can reduce human welfare.
Basu, Kaushik; Weibull, Jörgen.
Affiliation
  • Basu K; Department of Economics, Cornell University, Uris Hall 422, Ithaca, NY 14853, USA.
  • Weibull J; Department of Economics, Stockholm School of Economics, P.O. Box 6501, Stockholm 113 83, Sweden.
R Soc Open Sci ; 11(8): 240358, 2024 Aug.
Article in En | MEDLINE | ID: mdl-39113765
ABSTRACT
Greater knowledge is always an advantage for a rational individual. However, this article shows that for a group of rational individuals greater knowledge can backfire, leading to a worse outcome for all. Surprisingly, this can happen even when new knowledge does not mean the discovery of a new action but simply provides a deeper understanding of the interaction at stake. More specifically, enhanced knowledge about the current state of nature may hinder cooperation among purely self-interested individuals. The paper describes this paradoxical possibility-a 'knowledge curse'-and analyses the evolutionary process that occurs if, initially, only a few people have access to the greater knowledge. It concludes with a tentative comment on ways to avert this potential knowledge backlash.
Key words

Full text: 1 Collection: 01-internacional Database: MEDLINE Language: En Journal: R Soc Open Sci Year: 2024 Document type: Article Affiliation country: United States

Full text: 1 Collection: 01-internacional Database: MEDLINE Language: En Journal: R Soc Open Sci Year: 2024 Document type: Article Affiliation country: United States