Public Information as a Source of Disagreement
Résumé
This paper studies how Bayesian agents’ beliefs about the value of a random variable respond to the disclosure of public information. We show that the release of public information can increase disagreement about the value of that variable. This occurs when the public information does not pertain directly to the value of the variable, but instead pertains to factors influencing its value. This result holds for a range of assumptions about the information structure including cases where the public announcements involve aggregating private information held by the agents.
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
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