Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper examines welfare properties of equilibra in the general dynamic model with asymmetric information of Detemple et al. (2020). Explicit formulas for ex-ante and interim welfare are obtained, and equilibria are compared. We show a tax structured as an exchange option based on public information induces the insider to optimally forgo using her private information at all times.