This paper deals with the effects of different modes of communication in a costless information transmission environment with multiple senders. To this aim, we present a theoretical and experimental study of three Cheap Talk games, each having two senders and one receiver. The communication of...

This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...