The Disclosure Incentive: How Track Record Capital Resolves the Grossman-Stiglitz Paradox and Reveals the Competition-Cooperation Synthesis Across Four Disciplines

Abstract Grossman and Stiglitz (1980) proved that informationally efficient markets are impossible because efficiency destroys the incentive to produce information. Their proof rests on an assumption so foundational that the subsequent literature has never examined it: that trading profit is the sole return to information production. This paper relaxes that assumption. When economic agents can publish structured, timestamped, attributed judgments and accumulate track record capital - a portable