We consider a Bayesian game, namely the Battle of the Sexes with private information, in which each player has two types, High and Low. We allow cheap talk regarding players' types before the game and prove that the unique fully revealing symmetric cheap talk equilibrium exists for a low range...

Technology = Recipes -- The advance of code. Jobs : divide and coordinate ; Code : "This is the procedure" ; Machines : "The universal character" ; Computers : predicting the weather -- Code economics. Substitution : the great Man-vs-Machine Debate ; Information : "Reliable circuits using crummy...

It's not rational -- The standard narrative and the bigger picture -- Natural science inspirations -- The nobels and neoliberals -- The socialist calculation controversy as the starting point of the economics of information -- Hayek changes his mind -- The neoclassical economics of information...

Cries of pain: the word "capitalism" -- "Capitalism" in the mirror of the twentieth century -- The myths of capitalism -- Early modern Europe's expanding field of vision: the origins of capitalism -- Age of electricity and engines: America's mass market -- The digital age and the globalization...

The rising popularity of the social web and the associated change of static websites and their content towards open platforms of social sharing, collaboration, and user-generated data confront knowledge-intensive business service providers with the question what role social software plays as a...

An information-theoretic thought experiment is developed to clarify why the maximum entropy methodology is appropriate for predicting the equilibrium state of economic systems. As a first step, object allocation problems, modeled as knapsack problems, are shown to be equivalent to congestion...

We propose a rational theory of momentum and reversal based on delegated portfolio management. Flows between investment funds are triggered by changes in fund managers' efficiency, which investors either observe directly or infer from past performance. Momentum arises if fund flows exhibit...

Die verschiedenen Rollen der Information führten in der Entwicklung des IT-Managements bzw. des Informationsmanagements über die letzten Jahrzehnte immer wieder zu markanten Titulierungen, z. B. der Information als Produktions- oder als Wettbewerbsfaktor. Ein Wechsel in der Titulierung der...

Das Konzept des persönlichen Informationsmanagements (PIM) wird in diesem Arbeitspapier als notwendige Ergänzung strategischer und operativer Ansätze des Informationsmanagements entfaltet. Der Bezeichnung entsprechend wird eine personelle Sichtweise eingenommen, die den...

This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...