Optimal Disclosure Policy in Oligopoly Markets
研究寡头市场中在位企业披露私有信息（市场需求和成本）的私人与社会最优性，发现完全披露对在位企业有利，但社会效率取决于企业间成本相关性。
This paper examines the private and social optimality of full disclosure of private information in a two‐period oligopoly model. An incumbent firm is privately informed about the market demand and its production cost after operating as a monopolist in the first period, and then competes against an entrant in the second period. Two main results are derived. First, it is shown that the incumbent is best off by pre‐committing to disclose both the demand and cost information. By disclosing full information, the incumbent nullifies its self‐defeating intertemporal incentives, which arise whenever it has private information about the market demand, its cost efficiency, or both. In addition, the equilibrium output variance is the largest under full disclosure, which benefits the incumbent ex ante. Second, the paper shows that the incumbent’s full disclosure of the demand and cost information may or may not be desirable from a social efficiency standpoint. In particular, the correlation between the firms’ production costs is crucial to the rank of disclosure policies in terms of their impact on social efficiency.