Welfare Effects of Partial Publicity and Partial Transparency in Endogenous Information Acquisition

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 publicity policy is more effective in improving social welfare than a partial transparency policy. We also show that the highest level of social welfare can be achieved using only a partial publicity policy, even when the two policies can be implemented simultaneously