We study the robustness of cheap-talk equilibria to infinitesimal private information of the receiver in a model with a … only if this equilibrium either reveals no information to the receiver or fully reveals one of the states with positive … fully characterize the optimal sender-utility under binary receiver's private information, and provide bounds for the …

We use an experiment to test whether consumers optimally acquire information on energy costs in appliance markets where …, like many contexts, consumers are poorly informed and make mistakes despite freely available information. To test for … optimal information acquisition we compare the average utility gain from improved decision making due to information with …

. Information insensitive securities reduce the liquidity supplier's informational rents. The issuer optimally screens the liquidity … supplier's private information by offering a menu of debt contracts with face values monotonically ordered in the liquidity … supplier's valuation. We leverage this characterization to show that when the liquidity supplier's private information becomes …

We develop a growth model that features the endogenous two-tier innovations of information carrier technology and … production technology. Information carrier technology promotes production technology innovation and thus economic growth through … consumption per capita and production technology are higher than the growth rate of information carrier technology. The model …