We examine the incentives for firms to voluntarily disclose otherwise private information about quality attributes of differentiated products. In particular, we focus on the case when those products have multiple attributes and consumers are heterogeneous in their tastes over these attributes. We show that there exist certain configurations of consumer multi-dimensional preferences under which firms, even with high-quality products, may choose not to reveal their types. This failure of

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... disclosure will arise when more information results in more elastic demand and hence triggers more intense price competition, leading to lower prices and profits for all firms. The escalation of competition can make all firms worse off and not want to disclose the quality of their products, even with zero disclosure costs. As a result, the equilibrium in which disclosure is voluntary may diverge from that in which disclosure is mandatory. JEL: L15 (Information and Product Quality); L5 (Regulation and Industrial Policy)