beyond reach, then it is generally optimal to concede an information rent to one type only. …

This paper shows that the basic unit of information aggregation described by the Geanakoplos and Polemarchakis (1982 …) posterior revision process does not always produce public statistics that are closer to the full information posterior than the … resulting public statistics. I then develop a computational method to ex-ante rank information structures on their tolerance to …

Economic literature is far from having a consensus about the social value of public information. Nevertheless, most … strengthened, the agents redistribute increased weight of public information between the signals from different regions. If the … paper we study the welfare properties of this information structure and show that transparency in our model may be …

with full information about Bob's belief. We establish that with more agents, the analogous result does not hold. It might …, we define an information hierarchy as a partially ordered set and ask whether higher elements being Blackwell more … informed always makes the hierarchy compatible with higher elements having more information (under various notions of that term …

I study incentives for information transmission and collective decision-making between multiple players in an alliance …. Within an alliance, i) players have private information; ii) actions exhibit substitutability; iii) action sets are … constrained; and iv) preferences are heterogeneous. The main result derives conditions for full information aggregation under any …

private information and consequently how much to rely on public information. The latter is just a noisy average of past … predictions. It is shown that costly information acquisition prevents an unbounded accumulation of public information if (and only … if) the marginal cost to acquire information is positive at zero. When this marginal cost at zero is zero, public …

these societies have access to different amounts of information. This lack of information makes it hard to give the right … incentives to managers and entrepreneurs. We argue that differences in the amount of information arise because of the differences … poor economies, thus insufficient information to set the appropriate standards for firm performance. Our model predicts a …

complementarity or substitutability, and heterogenous information. First, we characterize the equilibrium use of information …; complementarity heightens the sensitivity of equilibrium actions to public information, raising aggregate volatility, whereas … substitutability heightens the sensitivity to private information, raising cross-sectional dispersion. Next, we define and characterize …

We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by … career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold …

including an alternative theory based on search cost of investors, in addition to the information cascade argument. Specifically …We analyze in this study cause of herding in a stock market. Information cascades have often been considered as a …) characterizes herding phenomenon better, especially at market open. Our analysis is also consistent with the information competition …