This paper examines the ex ante effects of public information quality on market prices and how such effects vary with information asymmetry among traders in a two-period experimental market. We vary public information quality by changing its precision and information asymmetry among traders by...

We consider a two-stage game with an option to analyze disclosures in the first stage, and a coordination game in the second stage. Decision makers are assumed to be heterogeneous in their ability to comprehend disclosures—sophisticated players are likely to comprehend disclosures, while...