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Optimal policy intervention, constrained obfuscation and the social value of public information
Colombo, Luca; Femminis, Gianluca - In: Economics Letters 123 (2014) 2, pp. 224-226
We study the welfare implications of public information precision in a beauty contest framework allowing for optimal … public information precision can be welfare improving. …
Persistent link: https://www.econbiz.de/10010906357
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Privacy or Publicity - Who Drives the Wheel?
Bannier, Christina E. - Center for Financial Studies - 2003
Financial markets are to a very large extent influenced by the advent of information. Such disclosures, however, do not only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of market participants. This dual role of information...
Persistent link: https://www.econbiz.de/10010958606
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Optimal Degree of Public Information Dissemination
Cornand, Camille; Heinemann, Frank - Volkswirtschaftliche Fakultät, … - 2006
environments, transparency may reduce expected welfare from an ex-ante point of view: public announcements serve as a focal point …. Restricting the degree of publicity is a better-suited instrument for preventing the negative welfare effects of public …
Persistent link: https://www.econbiz.de/10005739690
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Privacy or Publicity - Who Drives the Wheel?
Bannier, Christina E. - EconWPA - 2003
Financial markets are to a very large extent influenced by the advent of information. Such disclosures, however, do not only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of market participants. This dual role of information...
Persistent link: https://www.econbiz.de/10005550876
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The Social Value of Public Information with Convex Costs of Information Acquisition
Ui, Takashi - Graduate School of Economics, Hitotsubashi University - 2014
In a beauty contest framework, welfare can decrease with public information if the precision of private information is … exogenous, whereas welfare necessarily increases with public information if the precision is endogenous with linear costs of … acquisition. The main result of this paper is a necessary and sufficient condition for welfare to increase with public information …
Persistent link: https://www.econbiz.de/10010770509
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The social value of public information with convex costs of information acquisition
Ui, Takashi - In: Economics Letters 125 (2014) 2, pp. 249-252
In a beauty contest framework, welfare can decrease with public information if the precision of private information is … exogenous, whereas welfare necessarily increases with public information if the precision is endogenous with linear costs of … acquisition. The main result of this paper is a necessary and sufficient condition for welfare to increase with public information …
Persistent link: https://www.econbiz.de/10011076552
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Reducing overreaction to central banks' disclosures:theory and experiment
Baeriswyl, Romain; Cornand, Camille - Schweizerische Nationalbank (SNB) - 2012
Financial markets are known for overreacting to public information. Central banks can reduce this overreaction either by disclosing information to a fraction of market participants only (partial publicity) or by disclosing information to all participants but with ambiguity (partial...
Persistent link: https://www.econbiz.de/10010556244
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Limited higher order beliefs and the welfare effects of public information
Cornand, Camille; Heinemann, Frank; Tobias - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013
behavior of others. This may lead to welfare-reducing ‘overreactions’ to public signals as shown by Morris and Shin (2002 … levels of reasoning. This paper analyzes the welfare effects of public information under limited levels of reasoning and … information cannot reduce welfare, unless the policy maker has instruments that are perfect substitutes to private actions. …
Persistent link: https://www.econbiz.de/10011277277
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Market power and reputational concerns in the ratings industry
Mariano, Beatriz - In: Journal of Banking & Finance 36 (2012) 6, pp. 1616-1626
This paper studies the incentives of rating agencies to reveal the information that they obtain about their client firms. In the model, rating agencies seek to maximize their reputation and protect their market power. They observe public information and obtain either precise or noisy private...
Persistent link: https://www.econbiz.de/10010574832
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Measuring Agents’ Reaction to Private and Public Information in Games with Strategic Complementarities
Cornand, Camille; Heinemann, Franck - Groupe d'Analyse et de Théorie Économique Lyon … - 2013
the coordination component in a player’s utility increases, players put more weight on the public signal when making their …
Persistent link: https://www.econbiz.de/10011031508