Information advantage in Cournot oligopoly

Consider an oligopolistic industry where firms have access to the same technology but are asymmetrically informed about the environment. Even though it is commonplace to think that in this context superior information leads to higher profits, we find that under Cournot competition this is not generally the case: It holds when firms' technology exhibits constant returns to scale, but it does not necessarily hold otherwise. (C) 2002 Elsevier Science (USA).