Für konkrete Veränderungen der Arbeitswelt haben Blockchains nur geringe Bedeutung. Die meisten Versprechungen der Technik wurden nicht erfüllt, auch wenn sich in den entstanden Arbeitswelten Formen guter digitaler Arbeit finden. Als Digitalisierungsmythos beeinflussen Blockchains aber...

Environmental regulations and their enforcement play a critical role in reducing emissions and their devastating effects on humanity and the environment. However, many developing countries have large informal sectors - accounting for more than 70 percent of total employment, that operate outside...

Für konkrete Veränderungen der Arbeitswelt haben Blockchains nur geringe Bedeutung. Die meisten Versprechungen der Technik wurden nicht erfüllt, auch wenn sich in den entstanden Arbeitswelten Formen guter digitaler Arbeit finden. Als Digitalisierungsmythos beeinflussen Blockchains aber...

In this paper, I study trading activities prior to M&A announcements pertaining to the rivals of the merging firms. I find that not only acquirers and targets experience increases in abnormal trading activities in stock and option markets, but also their rivals. The rise in option trading is...

A seller faces a consumer with an uncertain value for the product. The seller has imperfect private information about the value and requests additional data to set the price. The consumer can decline any request. The consumer's willingness to provide data depends on his belief about the seller's...

This paper investigates how information uncertainty, measured through variation in the informativeness of the public information environment, shapes the organizational design choices of firms. I posit that, when faced with higher uncertainty about demand and supply, managers are more likely to...

This paper analyzes the relevance of the information process and the link of companies with the financial and capital markets in particular. It also provides empirical evidence from the U.K. market on the impact of specific factors of companies regarding the information disclosed to the market...

In capital markets, information disclosure is required to reduce information asymmetry among investors. On the other hand, information held by some market participants is useful for firms' decision making, and the feedback effect, in which information is obtained from prices and used for...

This study shows that to obtain a precise measure of the liquidity premium in the stock market, it is important to recognize the influence of information uncertainty on the pricing of liquidity. Information uncertainty, which is positively correlated with stock illiquidity but negatively priced...

We analyze a class of dynamic games of information exchange between two players. Each agent possesses information about a binary state that is of interest to the other player and cares about the other player's actions. Preferences are additively separable over own and the other player's actions....

We propose a costly information acquisition model to explore the mechanism of the process from the strategies of information acquisition to price informativeness. The profit-seeking characteristics of free-access market environments hinder the transmission channel of high-precision information...

This paper studies a large majority election with voters who have heterogeneous, private preferences and exogenous private signals. We show that a Bayesian persuader can implement any state-contingent outcome in some equilibrium by providing additional information. In this setting, without the...

This paper addresses a general problem with the use of surveys as source of information about the state of an economy: Answers to surveys are highly dependent on information that is publicly available, while only additional information that is not already publicly known has the potential to...

This paper examines whether central bank communication stabilises euro area inflation expectations through the information and news channel. A novelty of the study is its use of data from Google Analytics on ECB website traffic as proxy for visitors' attention to its communication. We conduct...

The rational inattention literature is split between two versions of the model: in one, mutual information of states and signals are bounded by a hard constraint, while, in the other, it appears as an additive term in the decision maker's utility function. The resulting constrained and...

We investigate the effect of how news outlets communicate macroeconomic information to consumers on support for governmental policy in the context of the COVID-19 crisis. In our survey experiment based on a representative sample of 3000 individuals in Germany, respondents are exposed to an...

This article offers a historical analysis of the contributions of U.S. interwar agricultural economics to the economics of information. Concerned with improving the circulation of information on agricultural markets, agricultural economists analyzed the relationship between agents’ information...

We experimentally examine the impact of a cycle path on the trading of a copyable information good in networks. A cycle path in a network permits a buyer to become a reseller that can compete against existing sellers by replicating the good. Theory predicts that the price of the information...

Does social identity affect how decision makers consume and digest new information? We study this question through a theoretically informed experiment, employing a variant of the sender receiver game in which receivers can purchase reports from up to two senders. Depending on senders'...

This paper examines the relevance of entropy to economic analysis via informational separability, whereby suppressing information that differentiates a subset of states in each experiment reduces information in that experiment, relative to an uncertainty measure. I show that with three or more...

This paper studies the welfare effects of information in a sequential consumer search environment. Consumers search in the market and observe a noisy signal about the match value upon being matched with a firm, based on which they make their purchasing decisions. We construct the class of...

We use a laboratory experiment to study how mutual payoff information affects play in strategic settings. Subjects play the Prisoner's Dilemma or Stag Hunt game against randomly re-matched opponents under two information treatments. In our partial-information treatment subjects are shown only...

Information production by shareholders is of fundamental importance for the efficiency of proxy voting. We propose a stock-return based measure to capture informed voting. Our measure, the vote alpha, quantifies the extent to which a shareholder votes in the direction that the market perceives...

Employment matches under uncertainty are typically accompanied by opportunities for information acquisition. Workers can acquire specific information about productivity lotteries at the firm or general information affecting their probabilistic beliefs about work elsewhere. Enterprises can...

We propose a deterrence mechanism that utilizes insider information contained in criminal networks. Under this mechanism, a suspect, identified by the regulator, can nominate a connected person from the network for the crime, and only the more severe offender is penalized. We show theoretically...

When an agent receives information from a source whose accuracy might be either high or low, standard theory dictates that she update as if the source has medium accuracy. In a lab experiment, subjects deviate from this benchmark by reacting less to uncertain sources, especially when the sources...

We consider a group of receivers who share a common prior on a finite state space and who observe private correlated signals that are contingent on the true state of the world. We show that, while necessary, Bayes plausibility is not sufficient for a distribution over posterior belief vectors to...

Investor disagreement about public information precision can be pervasive and persistent. This paper shows that when investors agree to disagree about an observed public signal's precision, as they disagree more, informational price efficiency increases. By contrast, when investors disagree...

To study whether current spending levels and public knowledge of them contribute to transatlantic differences in policy preferences, we implement parallel survey experiments in Germany and the United States. In both countries, support for increased education spending and teacher salaries falls...

I present the following proposal: information revealed during non-cartel investigations by competition law enforcement authorities, such as evaluation of M&As or investigation of monopolization (dominance) conduct, should be directly used to investigate and prosecute cartels. Currently, in...

We experimentally examine the impact of a cycle path on the trading of a copyable information good in networks. A cycle path in a network permits a buyer to become a reseller that can compete against existing sellers by replicating the good. Theory predicts that the price of the information...