We allow a strategic trader to choose when to acquire information about an asset's payoff, instead of endowing her with it. When the trader dynamically controls the precision of a flow of information, the optimal precision evolves stochastically and increases with market liquidity. However,...

We characterize the impact of anticipatory utility on players' subjective interpretation of information in a general coordination game. In any symmetric equilibrium, players choose to over-estimate the precision of their information. Players' perception of public information quality relative to...