Bergemann, Dirk; Heumann, Tibor; Morris, Stephen - Cowles Foundation for Research in Economics, Yale University - 2013
private information influences aggregate volatility. The maximal aggregate volatility is attained in a noise free information … over actions and states that can arise in equilibrium under any information structure. This tractable characterization …, extending results in Bergemann and Morris [8], can be used to address a wide variety of questions linking information with the …