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We consider a Sender-Receiver game in which the Sender can choose between sending a cheap-talk message, which is costless, but also not verified and a costly verified message. While the Sender knows the true state of the world, the Receiver does not have this information, but has to choose an...
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This paper argues that stress tests encompassing the entire banking sector (macro stress tests) can be designed to improve welfare. We develop a multi-receiver framework of Bayesian persuasion to show that a banking supervisor can create value when he commits to disclose the stress-testing...
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time. Fairness considerations appear to be important in explaining the deviation from theory. For a plaintiff with a strong … case, the return to revealing private information is approximately zero, while theory predicts that this return should be …
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