On the Optimality of Public Signals in the Presence of Private Information.
通过三个模型说明，当部分或全部交易者拥有昂贵的私人信息时，公开信息披露如何提升金融市场上交易者的福利。
Abstract Presents three different models designed to elucidate how the disclosure of public information can enhance the welfare of traders in a financial market when some or all traders also have access to costly private information. Ex ante expected utility; Reversal of the Diamond model; Use of public signals to enhance the welfare of uninformed traders.