This paper studies how investors react to public messages that may be optimistically biased. We first construct a communication game between an investor and a (possibly) biased securities analyst. We find an equilibrium characterised by the following properties: first, the investor reacts more...

This paper proposes a tractable model of a dynamic contest where players have private information about the contest's prize. We show that private information helps to encourage players who have fallen behind, leading to an increase in aggregate incentives. We derive the optimal information...

This paper proposes a mechanism design approach, capable of endogenizing a monopolist's choice between selling and renting in a non-anonymous durable goods setting with short-term commitment. Allowing for mechanisms that determine the good’s allocation not only at the beginning but also at the...

This paper provides a rationale for equal sharing in heterogeneous partnerships. We introduce project choice and information sharing to a standard team production setting. A team with two agents can choose whether they want to work on a status quo project or on an alternative project. If the...