The social value of public information with costly information acquisition |
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| Authors: | Luca Colombo Gianluca Femminis |
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| Affiliation: | aUniversità Cattolica del Sacro Cuore, Largo Gemelli 1, I-20123 Milano, Italy |
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| Abstract: | In a beauty contest framework, public authorities decide the accuracy of public information evaluating how it affects individual actions and private information acquisition. More precise public information increases welfare whenever its marginal cost does not exceed that of private information. |
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| Keywords: | Public information Private information Coordination Welfare |
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