This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...

CEE DP 68 Close Neighbours Matter: Neighbourhood Effects on Early Performance at School Dominique Goux Eric Maurin July 2006 Published by Centre for the Economics of Education London School of Economics Houghton...