Firms strategically disclose product information in order to attract consumers, butrecipients often find it costly to process all of it, especially when products have complexfeatures. We study a model of competitive information disclosure by two senders, inwhich the receiver may garble each...

Can boundedly rational agents survive competition with fully rational agents? The authors develop a highly nonlinear heterogeneous agents model with rational forward looking versus boundedly rational backward looking agents and evolving market shares depending on their relative performance....