This paper performs a welfare analysis of economies with private information when public information is endogenously … in information). The reason is that the market in general does not internalize the informational externality when public … statistics (e.g., prices) convey information. Under strategic substitutability, equilibrium prices will tend to convey too little …

Auctions are the allocation-mechanisms of choice whenever goods and information in markets are scarce. Therefore …, understanding how information affects welfare and revenues in these markets is of fundamental interest. We introduce new statistical … concepts, k- and k-m-dispersion, for understanding the impact of information release. With these tools, we study the …