We present a simple model of elections in which experts with special interests endorse candidates and endorsements are observed by the voters. We show that the equilibrium election outcome is biased towards the experts' interests even though voters know the distribution of expert interests and...

We study the effect of stochastically delayed communication on common knowledge acquisition (common learning). If messages do not report dispatch times, communication prevents common learning under general conditions even if common knowledge is acquired without communication. If messages report...

We study the effect of frequent trading opportunities and categorization on pricing of a risky asset. Frequent opportunities to trade lead to large distortions in prices if some agents forecast future prices using a simplified model of the world that fails to distinguish between some states. In...