We present two information-based rationales for why sellers of returnable goods tend to offer refunds in excess of the salvage value of the good. Both explanations require at least the potential presence of consumers who can choose to learn their values for the good prior to purchasing.

We present a model of private production of information in collective decision making. Agents gather costly information, and then aggregate it to produce a collective decision. Because information is a public good, it will be underprovided relative to the social optimum. A ``good'' mechanism...

We present a model of monopoly provision of money-back warranties. A buyer values an object more than its seller. They are both risk neutral and initially have no private information. The buyer can, however, acquire information and learn his true valuation for the object. Information acquisition...