Optimal Communication

Stephen Morris and Hyun Song Shin

Journal of the European Economic Association, 2007, vol. 5, issue 2-3, 594-602

Abstract: Optimal communication to a group often entails a trade-off between precision of information conveyed and common understanding (or approximate common knowledge) of the information within the group. We argue that an understanding of this trade-off is central in many contexts, including central bank communication and the design of accounting standards, as well as understanding the design of language itself. (JEL: C72, D83, E52, M41) (c) 2007 by the European Economic Association.

Date: 2007
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