Colombo, Luca; Femminis, Gianluca; Pavan, Alessandro - Center for Mathematical Studies in Economics and … - 2012
and a rich set of externalities that are responsible for possible wedges between the equilibrium and the efficient … acquisition of information. First, we relate the (in)efficiency in the acquisition of information to the (in)efficiency in the use … of information and explain why efficiency in the use does not guarantee efficiency in the acquisition. Next, we show how …