between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …

shocks. As a consequence the classical lender of last resort rules, as defined by Thornton and Bagehot, based on lending to …

In many countries, lenders are not permitted to use information about past defaults after a specified period of time … and moral hazard. Forgetting a default typically makes incentives worse, ex-ante, because it reduces the punishment for … increases the incentive to exert effort to preserve this reputation. Our key result is that if (i) borrowers’ incentives are …

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 …. The model also shows that the quality of media coverage is inefficiently low because voters have incentives to free …

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 … in line with our theory. …

. Recent work also shows that social preferences influence the effectiveness of incentives in labor relations. Hence when … measures of workers’ productivity and trustworthiness and make this information available to potential employers. Our data show …