This paper explores the effects of costly information and asymmetry in reward and penalty on an agent's strategic behavior in acquiring and revealing information. Whether information is costly to acquire or not, in order to induce truthfulness in an agent's action, the penalty should not be...

In this article, we deal with the topic of intentional information spillover using a model in which both informational- and payoff-externalities are present and the timing of agents' actions is endogenous. In this model, three players, who are heterogeneous in the quality of their information,...

Is it better to move first, or second--- to innovate, or to imitate? Suppose one player has superior information about which of two new markets is better. If he enters first, he might be able to secure a natural monopoly. (The less-informed player also has this motive.) If he enters second, he...

In a model, two players, heterogeneous in their information quality, compete with each other with perfect information about the other player's information quality. If they can decide their timings of actions endogenously, the less-informed player has an incentive to delay her action for...

type="main" <p>This paper studies price discrimination under the situation in which buyers' prior valuations are initially observable by a seller but buyers receive further information about a product or service which remains private thereafter. The buyers interpret new information via Bayes' rule....</p>

In this paper, we discuss the possibility of strategic behavior and truthful reporting in a two players' announcement game when there is a cost for getting information. First we show that the best strategy of each player is to announce the observed signal truthfully if the announcement is made...

Is it better to move first, or second— to innovate, or to imitate? We look at this in a context with both asymmetric information and payoff externalities. Suppose two players, one with superior information about market quality, consider entering one of two new markets immediately or waiting...

In this model, two players, who are heterogeneous in information quality, compete with each other with perfect information about the other player's information quality. The less-informed player has an incentive to delay her action in order to gain more information. The more-informed player also...

Increases in government spending trigger substitution effects—both inter- and intra-temporal—and a wealth effect. The ultimate impacts on the econ- omy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active monetary policy and passive fiscal policy...