We develop a dynamic model to study the interaction between obfuscation and investor sophistication in retail financial markets. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for a profit-maximizing monopolist....

Challenge funds (CF) induce competition between grant applicants as they develop proposals to address important social problems. We develop a game theoretic model to study how funding availability and proof of concept requirements (e.g., pilots or other forms of early stage screening) influence...