This paper investigates robust information transmission between a sender and a receiver in the Crawford and Sobel (1982) model. We characterize behavior that remains equilibrium behavior independently of the form of a small communication cost. Under standard conditions, we find that an...

Using the language of mathematics, Professor Polk Wagner has recently argued that the impossibility of fully appropriating the value of information in a rights holder leads to the surprising conclusion that expanding the degree of control of intellectual property rights will, in the long run,...

This paper lays down a model where dispersed information generates booms and busts in economic activity. Boom-and-bust dynamics start when firms are initially over-optimistic about demand due to an aggregate noise shock in their signals. Consequently, they over-produce, which generates a boom....