their costs are below the expected mean cost. Disclosure reduces consumer surplus when the disclosing firm's costs are below … the expected mean cost. The effect of disclosure on social welfare depends on the parameters of the problem. Finally, I … analyze the incentive of firms to agree to exchange information when disclosure exposes a firm to the risk of antitrust …

costs. I present a simple economic mechanism under which such disclosure often leads to more informative, but at the same … naive or delegating receivers; disclosure is thus not a Pareto-improvement among receivers. I identify general conditions of … the information structure under which this effect manifests and show that whenever it does, full disclosure is socially …