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- W2232674540 abstract "This paper characterizes the social value of information in Bayesian games with symmetric quadratic payoff functions and normally distributed public and private signals. The main result provides a necessary and sufficient condition for welfare to increase with public or private information. In so doing, we represent welfare as a linear combination of the variance of a common term in an equilibrium strategy and that of an idiosyncratic term, which are referred to as the common variance and the idiosyncratic variance of actions, respectively. The ratio of their coefficients is a key parameter in our condition. If the coefficient of the common variance is relatively large, welfare necessarily increases, but if it is relatively small, welfare can decrease. Using our condition, we find eight types of games with different welfare effects of information." @default.
- W2232674540 created "2016-06-24" @default.
- W2232674540 creator A5027326838 @default.
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- W2232674540 date "2015-07-01" @default.
- W2232674540 modified "2023-09-23" @default.
- W2232674540 title "Characterizing social value of information" @default.
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- W2232674540 doi "https://doi.org/10.1016/j.jet.2014.12.007" @default.
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