Acquisition, Aggregation, and Sharing of Information in Sequential-Move Aggregative Games
研究了具有信号传递的二次收益共同价值序贯行动聚合博弈，分析了斯塔克尔伯格竞争等五种市场中的信息聚合效率与福利影响，发现信息共享在不同市场中效果相反。
We study quadratic payoff common-value sequential-move aggregative games with signaling. Applications include Stackelberg quantity-setting, public good contribution, common resource, gas emission, and manufacturer-retailer games. Whereas efficient aggregation of information occurs in large Stackelberg markets, it does not occur in the four remaining large markets. If all agents share their information with their followers, expected welfare increases in the Stackelberg and supply chain games and it decreases in the remaining three games. Finally, we characterize the conditions for payoffs and welfare to increase with more precise private or public information. We also provide robustness checks when the values are private.