We tested the influence of time pressure and to what extent time pressure interacts with the contextual factors ("payoff scheme" and "level of costs for information that can be acquired") in three laboratory experiments. Participants had to decide how many pieces of information they wanted to...

We analyze a rational-expectations model of price formation in an intermediate-good market under uncertainty. There is a continuum of dyads, each consisting of an upstream party and downstream party. Both parties can make specific investments at private cost, and there is a machine that either...

This paper analyses the role of information in the search process. Ibuild a simple model of a good with two random attributes with somejoint probability distribution. I consider seemingly unimportant changesin this distribution, i.e. changes which neither affect expected utility norits variance....