An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the … probability than a bad one. The entrepreneur makes an upfront payment that the consultant can either invest in information … entrepreneurs so long as his referrals remain high. The principal under-utilizes information in settings (i) and (ii). In setting …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

candidates are able to credibly communicate their information to voters through their choice of policy platforms. Our results … show that the fact that private information is dispersed between the candidates creates a strong incentive for them to bias … their messages toward the electorate's prior. Information transmission becomes more difficult, the less correlated are the …

In games with strategic complementarities, public information about the state of the world has a larger impact on … equilibrium actions than private information of the same precision, because the former is more informative about the likely … levels of reasoning. This paper analyzes the welfare effects of public information under limited levels of reasoning and …

An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the … probability than a bad one. The entrepreneur makes an upfront payment that the consultant can either invest in information … entrepreneurs so long as his informal referrals remain high. The principal finds it optimal to under-utilize information if she uses …

The market for retail financial products (e.g. investment funds or insurance) is marred by information asymmetries …

Existence of asymmetric information and lack of collateral in informal financial markets creates a suboptimal … joint liability contract or group based - generating a trust game between borrowers, controls for information asymmetries … prove superior to typical individual borrowing and lending when no collateral is available. These contracts and …

It is known that sunspots can trigger panic-based bank runs and that the optimal banking contract can tolerate panic … this paper, I extend the analysis of panic-based runs to include an asymmetric-information, extrinsic randomizing device …. Depositors observe different, but correlated, signals on the stability of the bank. I find that if the signals that depositors …

We consider multiple-principal multiple-agent games of incomplete information. In this context, we identify a class of … information to the other principals, and each agent behaves truthfully. We show that there is a rationale in restricting attention …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …