For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation ex … post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms … auctions if sellers are likely to have superior information about possible design improvements, if renegotiation is costly, and …

and in actual policymaking, is to link negotiations on climate change control with decisions concerning international R …

We compare two commonly used mechanisms in procurement: auctions and negotiations. The execution of the procurement … mechanism is delegated to an agent of the buyer. The agent has private information about the buyer’s preferences and may collude …

Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …

No voters cast their votes based on perfect information, but better educated and richer voters are on average better … strong correlation between income and political information, Congress representatives vote more conservatively, which is also …

measures of workers’ productivity and trustworthiness and make this information available to potential employers. Our data show …

with various empirical findings, is the assumption that information about output decisions flows more freely within a …

have better information about the state of the world than voters. Three types of institutions are compared: direct …