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The standard framework for analyzing games with incomplete information models players as if they have an infinite depth …
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which agents receive private information over time. We propose a suitable generalization of the Vickrey …
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We study settings in which, prior to playing an incomplete information game, players observe many draws of private … signals about the state from some information structure. Signals are i.i.d. across draws, but may display arbitrary … correlation across players. For each information structure, we define a simple learning efficiency index, which only considers the …
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contracting. I characterize the buyer-optimal ex-ante information in such environments. Employing a classical sequential screening … framework, I find that buyers prefer to remain partially uninformed, since such an information structure induces the seller to … set low prices. For the optimal information signal, trade is efficient, and the seller only extracts the static monopoly …
Persistent link: https://www.econbiz.de/10011762788
We study the design of sequential procurement strategies that integrate stochastic and strategic information. We … buyer makes a price offer to a seller who has private, persistent information regarding his cost and quality of provision … the buyer's outside option, the buyer uses one form of information: either strategic or stochastic. If both seller types …
Persistent link: https://www.econbiz.de/10012065183
the state vector onto a lower-dimensional object that we call the "optimal information manifold." We characterize … geometric properties of this manifold and link them to the sender's preferences. Optimal policy splits information into "good … good information. In contrast, with concave marginal utility, optimal information design conceals the extreme realizations …
Persistent link: https://www.econbiz.de/10012799529
, complete lack of information regarding the underlying data generating process is expressed as a (maximal) family of priors …. These priors yield posterior inferences that become more precise as more information becomes available. As information …
Persistent link: https://www.econbiz.de/10012928769