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The social value of information on product quality
Authors:Kenneth S Corts
Institution:Rotman School of Management, University of Toronto, 105 St. George St., Toronto, Ontario M5S 3E6, Canada
Abstract:In the context of a seller with private information about product quality, I show that revelation of information on product quality is sometimes, but not always, socially valuable. When it is socially valuable, there is generally a tradeoff between the acquisition and revelation of finer, but more costly information and the revelation of coarser, but less costly information. As a result, it can be socially optimal for firms to reveal only coarse private information.
Keywords:Social welfare  Private information  Learning
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