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SMU SOE Online Seminar (Nov 18, 2021, 4.00pm-5.30pm): Social Value of Public Information in Networked Economies
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TOPIC:
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SOCIAL VALUE OF PUBLIC INFORMATION IN NETWORKED ECONOMIES
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ABSTRACT
This paper studies the social value of information in the beauty contest framework that allows for heterogeneous coordination motives. We relate the structure of the coordination network to the equilibrium use of information and show that the relative sensitivity of agents’ equilibrium actions to private and public information is proportional to their Katz-Bonacich centralities in the coordination network. Our main result provides a taxonomy of how the social value of public information depends on network structure: more precise public information necessarily improves welfare if and only if the weighted sum of agents’ Katz-Bonacich centralities is sufficiently small. Finally, we also study the optimal degree of public information dissemination and the endogenous acquisition of private information.
Click here to view the speaker's profile.
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This seminar will be held virtually via Zoom. A confirmation email with the Zoom details will be sent to the registered email by 17 November 2021.
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PRESENTER
Kota Murayama
The Chinese University of Hong Kong
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RESEARCH FIELDS
Microeconomic Theory
Information Economics
Economics of Networks
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DATE:
18 November 2021 (Thursday)
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TIME:
4.00pm - 5.30pm
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