Cornand, Camille; Heinemann, Frank - Groupe d'Analyse et de Théorie Économique Lyon … - 2013
In games with strategic complementarities, public information about the state of the world has a larger impact on … equilibrium actions than private information of the same precision, because the former is more informative about the likely … levels of reasoning. This paper analyzes the welfare effects of public information under such limited levels of reasoning and …