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Endogenous public information and welfare

Vives, Xavier - 2011

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...

Persistent link: https://www.econbiz.de/10009153832

Endogenous public information and welfare

Vives, Xavier - 2011

Persistent link: https://www.econbiz.de/10009259934

Belief-Free Rationalizability and Informational Robustness

Bergemann, Dirk; Morris, Stephen - 2016

We propose an incomplete information analogue of rationalizability. An action is said to be belief-free rationalizable if it survives the following iterated deletion process. At each stage, we delete actions for a type of a player that are not a best response to some conjecture that puts weight...

Persistent link: https://www.econbiz.de/10014123747

Hierarchies of belief and interim rationalizability

Ely, Jeffrey C.; Peski, Marcin - In: Theoretical economics : TE ; an open access journal in … 1 (2006) 1, pp. 19-65

In games with incomplete information, conventional hierarchies of belief are incomplete as descriptions of the players' information for the purposes of determining a player's behavior. We show by example that this is true for a variety of solution concepts. We then investigate what is essential...

Persistent link: https://www.econbiz.de/10011704466

A dynamic model of equilibrium selection in signaling markets

Nöldeke, Georg; Samuelson, Larry - 1996

In his work on market signaling, Spence proposed a dynamic model of a signaling market in which a buyer revises prices in light of experience and sellers choose utility-maximizing signals given these prices. Spence also suggested that subjecting the dynamic process to rare perturbations might...

Persistent link: https://www.econbiz.de/10009697462

Efficient use of information and social value of information

Angeletos, Marios (contributor); … - 2006

This paper analyzes equlibrium and welfare for a tractable class of economies (games) with externalities, strategic complementarity or substitutability, and heterogenous information. First, we characterize the equilibrium use of information; complementarity heightens the sensitivity of...

Persistent link: https://www.econbiz.de/10003780857

Rational Information Leakage

Indjejikian, Raffi - 2016

Empirical evidence suggests that information leakage in capital markets is common. We present a trading model to study the incentives of an informed trader (e.g., a well informed insider) to voluntarily leak information about an asset's value to one or more independent traders. Our model shows...

Persistent link: https://www.econbiz.de/10013008537

The Probability of Nontrivial Common Knowledge

LiCalzi, Marco - 2012

We study the probability that two or more agents can attain common knowledge of nontrivial events when the size of the … state space grows large. We adopt the standard epistemic model where the knowledge of an agent is represented by a partition … nontrivial common knowledge undergoes a phase transition. Regardless of the number of agents, when their cognitive capacity is …

Persistent link: https://www.econbiz.de/10013107942

Apprentissage, interactions, et création de connaissance

Garrouste, Pierre - In: Revue d'économie industrielle (1999) 2, pp. 137-151

Persistent link: https://www.econbiz.de/10001466116

Rational ignorance versus rational irrationality

Caplan, Bryan Douglas - In: Kyklos : international review for social sciences 54 (2001) 1, pp. 3-26

Persistent link: https://www.econbiz.de/10001564567