The objectif of this paper is to give a microeconomic foundation to misleading advertising in order to derive a method to evaluate its social costs both in terms of efficiency and in terms of distribution. We develop first the approach leading to the concept of demand based on information biased...

In this paper we examine the demand for information and the value of information in an intertemporal continuous time model. The model analyzed is a model with incomplete information where the information technology is controlled by the investor at a cost. The continuous bayesian updating of...