We consider a disclosure game between a seller and a buyer. The seller knows the quality of a good, while the buyer does not. Before the buyer decides how many units to purchase, the seller can disclose verifiable information about the good. The better the information, the more the buyer is...

This paper studies the efficient arrangement among several agents that are subject to idiosyncratic, privately observed taste shocks affecting their marginal utility of current consumption. Agents accumulate capital and have access to a technology to produce goods. The framework deviates from...

Данная статья посвящена Административно-правовой и информационно-правовой характеристике ограничения доступа к информации институту государственной тайны.

Remarks at the Swiss National Bank-International Monetary Fund Conference, Zurich, Switzerland.

When commitment is lacking, intertemporal trade is facilitated with the use of exchange media—interpreted broadly to include monetary and collateral assets. We study the properties of a model commonly used to motivate monetary exchange, extended to include a physical asset whose expected...