This paper investigates the interaction between firms' information acquisition decisions and disclosure of internally acquired information in a Cournot duopoly market under demand uncertainty. The main results are as follows. When the correlation between firms' demands is positive and...

We consider the market for a risky asset with heterogeneous valuations. Private information that agents have about their own valuation is reflected in the equilibrium price. We study the learning externalities that arise in this setting, and in particular their implications for price...

We analyze the welfare effects of two information disclosure policies using ``beauty contest" coordination games in which information acquisition about the state is endogenous. In particular, we compare a partial publicity policy with a partial transparency policy. We show that a partial...