In his seminal paper of 1928, Ramsey conjectured that if agents discounted the future differently, in the long run all agents except the most patient would live at the subsistence level. The validity of this conjecture was investigated in different environments. In particular, it has been...

In environments with expected utility, it has long been established that speculative trade cannot occur (Milgrom and Stokey), and that the value of public information is negative in economies with risk-sharing and no aggregate uncertainty (Hirshleifer, Schlee). We show that these results are...

Although both cognitive and motivational factors can influence the communication of uncertain information, most of the work investigating the communication of uncertainty has focused on cognitive factors. In this article, we demonstrate that motivational factors influence the communication of...

How should a decision-maker allocate R&D funds when a group of experts provides divergent estimates on a technology's potential effectiveness? To address this question, we propose a simple decision-theoretic framework that takes into account ambiguity over the aggregation of expert opinion and a...

We consider the problem of optimally acquiring a position in a financial asset by submitting orders to a standard exchange and a dark pool. We assume that volatility is stochastic and trading at the standard exchange causes a price impact. Orders sent to the dark pool do not generate price...