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Many transactions in the marketplace rely on hard (or verifiable) information about the underlying value of the intended exchange, typically through certification--- housing, diamonds, bonds being cases in point. What is the class of Pareto efficient certifications for such scenarios? This paper...
Persistent link: https://www.econbiz.de/10014080988
A privately informed sender with state-independent preferences communicates with an uninformed receiver about a single-dimensional state. The sender can verifiably reveal the state precisely. She can also communicate via cheap messages when not disclosing the state. I show that unravelling...
Persistent link: https://www.econbiz.de/10014348501