investigation. A ruling establishes a precedent, which may be costly to violate in the future. We compare the DM's incentive to … acquire information, the evolution of standards and the social welfare under two institutions: nonbinding precedent and … binding precedent. Under nonbinding precedent, the DM is not required to follow previous rulings, but under binding precedent …

conducting a costly investigation. A ruling establishes a precedent, which cannot be violated under binding precedent. We compare … precedents. Compared to non-binding precedent, under binding precedent, information acquisition incentives are stronger in … binding precedent, welfare can be higher because of the more intensive investigation early on. …

conducting a costly investigation. A ruling establishes a precedent, which cannot be violated under binding precedent. We compare … precedents. Compared to non-binding precedent, under binding precedent, information acquisition incentives are stronger in … binding precedent, welfare can be higher because of the more intensive investigation early on. …

such environments, efficiency may depend on free-riding incentives and the 'transparency' regime - the knowledge voters … test this proposition in a lab experiment, randomly assigning participants to different transparency regimes. Results in … transparent regimes. We thus offer the first experimental evidence on the effects of different transparency regimes on information …

evil. Transparency allows for influential communication to external parties, but constrains internal communication …

such environments, efficiency may depend on free-riding incentives and the 'transparency' regime - the knowledge voters … test this proposition in a lab experiment, randomly assigning participants to different transparency regimes. Results in … transparent regimes. We thus offer the first experimental evidence on the effects of different transparency regimes on information …

evil. Transparency allows for influential communication to external parties, but constrains internal communication …