We explore the relationship between public information and implementable outcomes in an environment characterized by … random endowments and private information. We show that if public signals carry no information about private types, then an … Bayesian incentive compatibility. The result extends the notion, dating to Hirshleifer (1971), that public information can have …

We characterize a precise comparative static on welfare and the amount of public information in an economy under … uncertainty. Results dating to Hirshleifer (1971) have suggested that information can have negative value in such a setting, but … concept of implementable allocations, the negative relationship between more public information in the sense of Blackwell and …