We study settings in which, prior to playing an incomplete information game, players observe many draws of private … signals about the state from some information structure. Signals are i.i.d. across draws, but may display arbitrary … correlation across players. For each information structure, we define a simple learning efficiency index, which only considers the …

This paper explores the consequences of information in sealed bid first price auctions. For a given symmetric and … Bayesian equilibrium for some information structure. In particular, we characterize maximum and minimum revenue across all … information structures when bidders may not know their own values, and maximum revenue when they do know their values. Revenue is …

We explore the impact of private information in sealed-bid first-price auctions. For a given symmetric and arbitrarily … information structures and equilibria. The information and equilibrium attaining this minimum leave bidders indifferent between …

In an economy of interacting agents with both idiosyncratic and aggregate shocks, we examine how the information … structure determines aggregate volatility. We show that the maximal aggregate volatility is attained in a noise free information … joint distributions over actions and states that can arise in equilibrium under any information structure. This tractable …

We explore the impact of private information in sealed-bid first-price auctions. For a given symmetric and arbitrarily … information structures and equilibria. The information and equilibrium attaining this minimum leave bidders indifferent between …

which agents receive private information over time. We propose a suitable generalization of the Vickrey …

We explore the impact of private information in sealed bid first price auctions. For a given symmetric and arbitrarily … information structures and equilibria. The information and equilibrium attaining this minimum leave bidders uncertain whether they …

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, can be used to address a wide variety of questions linking information with the …

and the baseline reputation of the collective is high. We also contrast the socially optimal information structure with …