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The Social Value of Public Information with Costly Private Information

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  • Gianluca Femminis

    (Università Cattolica Milano)

  • Luca Colombo

    (Università Cattolica, Milano)

Abstract

In a beauty contest framework, we show that a more precise public information is welfare enhancing when increasing the precision of private information is costly. The accuracy of public information is chosen by the public authority taking into account that an increase in the precision of public information reduces the incentives for private acquisition of information, thereby inducing socially valuable savings of private resources.

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File URL: http://www.economicdynamics.org/meetpapers/2007/paper_405.pdf
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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 405.

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Date of creation: 2007
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Handle: RePEc:red:sed007:405

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  1. Cornand, Camille & Heinemann, Frank, 2006. "Optimal Degree of Public Information Dissemination," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 158, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  2. Christian Hellwig, 2004. "Heterogeneous Information and the Benefits of Public Information Disclosures (October 2005)," UCLA Economics Online Papers 283, UCLA Department of Economics.
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