Figure 2 This figure depicts the loci of μ and μz leading to information complementarities. The shaded area in the left panel contains the loci for which the value of information when all agents are informed is higher than that when all agents are uninformed, that is ( μ,μz) :G (c,1)>G (c,0). The shaded areas of the right panel depict the loci in markets with varying levels of informational efficiency. The loci are such that the value of information in a given market exceeds that in a slightly less informed market, that is ( μ,μz) :G (c,λ)>G (c,λ−ε), with ε=0.05, and λ ranging from λ=0.05 (lightest area) to λ=1 (darkest). The remaining parameters are ωθ =ω =ωz =τ=1.
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