Séminaire Microéconomie : Tous les mercredis
Heure : 12h15 – 13h30
Date : 24/04/2024
Salle : 3001

Catherine BOBTCHEFF (PSE) – “Information disclosure in preemption races: Blessing or (winner’s) curse?” (with Raphaël Lévy and Thomas Mariotti)  

CV : Firms receiving independent signals on a common-value risky project compete to be the first to invest. When firms are symmetric and competition is winner-take-all, rents are fully dissipated in equilibrium and the extent to which signals are publicly disclosed is irrelevant for welfare. When disclosure of signals is asymmetric, welfare is highest when firms are most asymmetric, and policies that uniformly promote disclosure may backfire, especially when competition is severe. When firms strategically select their disclosure policies, a moderate subsidy for disclosure induces a low correlation between firms’ policies, and thus maximizes welfare.

Organisateurs :

Julien COMBE (Pôle d’Economie du CREST)
​​​​​​​​​​​​Yves Le YAOUNQ (Pôle d’Economie du CREST)
​​​​​​​​​Matias NUNEZ (Pôle d’Economie du CREST)

Commanditaires :
CREST