To Know or not To Know Information Value in a Semantic Game

This paper establishes that the information value, when defi ned in many different ways depending on player’s knowledge, is positive for some specific types of messages and some specific classes of games. More precisely, it is shown that the information value is positive (i) for the receiver of a secret message, (ii) for the receiver of a private message in a zero-sum game and (iii) for all players when they receive a public message in a pure coordination game. Journal of Economic Literature Classification Number: C72.