We survey aspects of the intellectual development of the economics of information from the 1970s to today. We focus here on models where information is communicated indirectly through actions. Basic results, such as the failure of the fundamental theorems of welfare economics, the non-existence...

The paper surveys the recent work on economics of information with endogenous information structures where individuals can directly communicate information with each other. We consider the theoretical work on cheap talk, Bayesian persuasion, and information design, and review the implications of...

Consumers are imperfectly informed. They do not know the characteristics of all the products in the market or the prices at which they are available at all sellers. There is no Walrasian auction ensuring that a particular commodity is sold at the same price by all stores. There is no Government...

For more than a hundred years, economists have attempted to show that progressive taxation can be justified on more fundamental principles. Among the earliest of such attempts was that of Edgeworth (1868, 1897), who tried to show that utilitarianism (combined with two other assumptions) implied...