information. These are used to give a formal de…finition of Ambiguity and, consequently, to distinguish between ambiguous and …The concept of Ambiguity designates those situations where the information available to the decision maker is …? The present paper fi…lls these gaps. Speci…fically, it identifi…es those information structures that are incompatible with …

because the buyer has persistent (but not fully permanent) private information. (The main application is labor contracts …, where the employer has private information about the value of labor services sold by the union). The size of the surplus … dates. Equilibrium involves information cycles triggered by the success or failure of aggressive demands made by the seller …