We explore the relationship between public information and implementable outcomes in an environment characterized by … random endowments and private information. We show that if public signals carry no information about private types, then an … Bayesian incentive compatibility. The result extends the notion, dating to Hirshleifer (1971), that public information can have …

We characterize a precise comparative static on welfare and the amount of public information in an economy under … uncertainty. Results dating to Hirshleifer (1971) have suggested that information can have negative value in such a setting, but … concept of implementable allocations, the negative relationship between more public information in the sense of Blackwell and …

An information transaction entails the purchase of information. Formally, it consists of an information structure … together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent …'s preferences for information. The index of information transactions has a simple analytic characterization in terms of the relative …

This article develops a Bayesian persuasion model examining a manager's incentives to gather information when the … manager can disseminate this information selectively to interested parties (“users”) and when the objectives of the manager … the information, then the manager may gather more precise information. The article identifies conditions under which a …

We show that aversion to risk and ambiguity leads to information inertia when investors process public news about … disappears when investors are risk neutral or the news is about idiosyncratic risk. Information inertia leads to news momentum (e …

Consider an investment problem with strategic complementarities and incomplete information about returns. This paper … shows that investors aggregate their private information in equilibrium by trading a token and observing its market price … over multiple rounds before making the investment decision. This result is robust to the information environment. The paper …

Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …

The properties of information, including "information uncertainty", can be understood only Bayesianly. Common … formulations that define information uncertainty in terms of just statistical "precision" (i.e. sampling variance), or any one … estimator characteristic (e.g. bias), are inadequate for generalized Bayesian analysis. Methods that deny information a Bayesian …

In Bayesian environments with private information, as described by the types of Harsanyi, how can types of agents be …

The collection of information necessary fordecision-making is often delegated to agents (e.g. bureaucrats … one cause yields full information collection atminimum costs. This provides a rationale for advocacy in politicaland … judicial systems. In this paper, we provide a rationale forthe sequential nature of information collection in advocacysystems …