What Restrictions do Bayesian Games Impose on the Value of Information?
نویسندگان
چکیده
In a Bayesian game players play an unknown game. Before the game starts some players may receive a signal regarding the specific game actually played. Typically, information structures that determine different signals, induce different equilibrium payoffs. In zerosum games the equilibrium payoff measures the value of the particular information structure which induces it. We pose a question as to what restrictions Bayesian games impose on the value of information. We provide answers in two kinds of information structures: symmetric, where both players are equally informed, and one-sided, where only one player is informed. ∗School of Mathematical Sciences, Tel Aviv University, Tel Aviv 69978, Israel; e-mail: [email protected]; home page: www.math.tau.ac.il/∼lehrer †LAGA Institut Galilée, Université Paris 13, avenue Jean Baptiste Clément 93430 Villetaneuse, France; e-mail: [email protected] Journal of Economic Literature classification numbers: C72, C73, D80, D82, D83.
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