The social and the private returns to education differ when education can increase productivity, and also be used to signal productivity. We show how instrumental variables can be used to separately identify and estimate the social and private returns to education within the employer learning...

While existing theory predicts that matching leadership gifts raise more voluntary contributions for public goods than seed money, recent experiments find otherwise. We reconcile the two by studying a model of leadership giving in a large economy with incomplete information about the quality of...

This paper studies the general information disclosure model (Grossman, 1981; Milgrom, 1981) relaxing the assumption of monotonicity in preferences. I apply the belief-based approach, which is developed in Bayesian persuasion (Kamenica and Gentzkow, 2011) and applied to cheap talk (Lipnowski and...

In this study, we develop a static signaling game model to examine the problem of a firm raising funds externally to finance an investment project when there is an information asymmetry between the firm and its outside investors, and the life-span of the investment project is very short....

This paper studies a signaling model in which a strategic player can manipulate the signaling cost. A seller chooses a price schedule for a product, and a buyer with a hidden type chooses how much to purchase as a signal to receivers. When receivers observe the price schedule, the seller charges...

There is a growing interest about firm-side drivers of wage differentials, as different studies show that this component is driving the increase in inequality in many developed countries. In this paper, I contribute to this literature in three respects. First, I reconsider the widely used model...

The paper employs a dynamic market-wide herding behavior measure of 117,166 lending-based campaigns in 119 online platforms in 37 countries that explores whether lenders follow each other in the whole crowdfunding market, within the groups of top platforms, within the specific category or...

In this paper, I examine the signaling value of internationally-recognized quality certification in improving firm's access to finance for 39,638 mostly small and medium-sized firms in 137 countries. I find that certified firms have better access to external finance as compared to otherwise...

The social and the private returns to education differ when education can increase productivity, and also be used to signal productivity. We show how instrumental variables can be used to separately identify and estimate the social and private returns to education within the employer learning...