We consider a general mechanism design setting where each agent can acquire (covert) information before participating in the mechanism. The central question is whether a mechanism exists which provides the efficient incentives for information acquisition ex-ante and implements the efficient...

We consider a general mechanism design setting where each agent can acquire covert information before participating in the mechanism. The central question is whether a mechanism exists which provides the efficient incentives for information acquisition ex-ante and implements the efficient...

This paper investigates robust information transmission between a sender and a receiver in the Crawford and Sobel (1982) model. We characterize behavior that remains equilibrium behavior independently of the form of a small communication cost. Under standard conditions, we find that an...

We analyze a cheap talk model in which an informed sender and an uninformed receiver engage in finite-period communication before the receiver chooses a project. During the communication phase, in each period, the sender sends a cheap talk message and the receiver voluntarily pays money for the...

In reality, the organizational structure of information — describing how information is transmitted to its recipients — is as important as its content. In this paper, we introduce families of (indirect) information structures, namely meeting schemes and delegated hierarchies, that capture...

This paper studies information transmission in a two-sender, multidimensional cheap talk setting where there are exogenous constraints on the (convex) feasible set of policies for the receiver and where the receiver is uncertain about both the directions and the magnitudes of the senders' bias...

Attainment of rational expectations equilibria in asset markets calls for the price system to disseminate traders' private information to others. It is known that markets populated by asymmetrically-informed profit-motivated human traders can converge to rational expectations equilibria. This...

In our main article, Miura and Yamashita (2014) ("On the possibility of information transmission"), we have shown in a cheap-talk environment that "assuming full revelation in a common-knowledge environment" implies a very different conclusion for models with slight misspeci fication in the...