How should a manager optimally choose transfers to incentivize multiple agents both to collect and to share costly information? To answer this question we study a simple model with a principal and two agents. The agents can obtain costly signals and communicate with each another via...

An unresolved problem in Bayesian decision theory is how to value and price information. This paper resolves both problems by assuming inexpensive information. Building on Large Deviation Theory, we produce a generically complete asymptotic order on samples of i.i.d. signals in finite-state,...

We assume that an impatient decision maker (DM) runs variable-size experiments at an increasing, strictly convex cost before choosing an irreversible action. We introduce and solve a tractable continuous time version of this problem --- a control of variance of a diffusion with uncertain mean....

We assume that an impatient decision maker (DM) runs variable-size experiments at an increasing, strictly convex cost before choosing an irreversible action. We introduce and solve a tractable continuous time version of this problem - a control of variance of a diffusion with uncertain mean....