タイトル：The Benefit of Information Privatization in Beauty Contest Games
Authorities often disclose their information to the public ambiguously. Ambiguous announcement translates into various interpretation of an information among agents. That is, ambiguous announcement converts perfect correlated information into some kind of private information. By using Keynesian beauty contest games as in Morris and Shin (2002), we show that the privatization of public information is often socially beneficial. This result suggests that authorities should acquire precise information as they can do, but announce ambiguously along to their information precision.