Angeletos, George-Marios; Pavan, Alessandro - 2010
the Mirrlees literature), the contingency on fundamentals alone suffices for efficiency. When instead agents have private … dampening the impact of fundamentals; (ii) induce agents to internalize informational externalities, and hence improve the speed … of social learning; (iii) restore a certain form of constrained efficiency in the decentralized use of information; (iv …