... that anintermediate information policy (consisting in releasing some, but not all, information to consumers)can be optimal. In their setup, the optimality of intermediate information relies on ... Caruana and Vicente Cuñat (2008): Information gathering ex-ternalities in product markets”working paper.[6] Bergemann, Dirk and Juuso Välimäki (2002), Information Acquisition and E¢ cient ... “Gathering Information before Signing a Con-tract,”American Economic Review, 82, pp. 566-578.[11] Cremer, Jacques, Fahad Khalil and Jean-Charles Rochet (1998a): “Contracts and ProductiveInformation...