Professional experts offer advice with the objective of appearing well informed. Their ability is evaluated on the … basis of the advice given and the realized state of the world. We model this situation as a reputational cheap-talk game … the intensity of the information possessed. Equilibrium forecasts are then systematically less precise than under …

information and feedback so that they have to learn the nature of the game during repeated play. The results lend support to the … lack structural information, which contrasts with common notions of fairness or "manners" in ultimatum bargaining (Camerer …

manipulate policy decisions. In this article we argue that reputation or penalties for lying do not always induce information … information to policy makers often have a vested interest in the outcomes. This gives them an incentive to distort information to … information about policy consequences. This has the advantage that policy makers can affect the preferences of the information …

can have both private and common components to it. Private information concerning the common component of the object is … not exogenously given, but rather endogenous and bidders face a cost to becoming informed. If the cost of information is … not prohibitively high, then the equilibrium price in a uniform price auction will not aggregate private information, in …

incomplete markets and indivisible labor generates an aggregation error that looks much like the preference residual in the data …

'remanence' created by the aggregation of non- linear dynamics. Stochastic simulations are employed to analyse the properties of …

This paper assesses the relevance of national information in estimating the demand for euro-area M3 from three … demands. We find that the hypothesis of perfect aggregation is not rejected. Nevertheless, some estimates of area-wide long …-run parameters are sensitive to the method used to combine national information. The main difference among individual countries …

ability to process information, which turns out to be enough to generate persistence upon aggregation. We find empirical …