We consider borrowers with the opportunity to raise funds from a competitive banking sector that shares information …

heterogeneous beliefs, i.e. are endowed with noisy information and compete à la Nash. We prove the existence and uniqueness of a …

that — with certain information structures — increasing disagreement is possible in a Bayesian model, but we also argue … information structures which are simple, intuitive and plausible and result in increasing disagreement even in a standard, multi …

their own information. The answer is 53% on average across all experiments –only slightly more than what they would earn by … choosing at random. The players’ own information carries much more weight in the choices than the information conveyed by other …, conditional on all available information, is larger than 2:1, rather than 1:1 as would be implied by rational expectations. A …

decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly … available information. Decentralized control, on the other hand, delegates authority to a manager with superior information …. As the available public information about the specific technology increases, the trade-off shifts in favour of …

persistence is lower with heterogeneity in price stickiness than without it, taking as given the degree of persistence in …

due to heterogeneity in firm-level responses to aggregate shocks. Firms are able to diversify most idiosyncratic …

enhancing the assignment of workers to jobs in the face of firm productivity heterogeneity and skill-biased technological change … emerging from the analysis is that the degree of firm productivity heterogeneity, in terms of skewness and variance, matters …

coagglomeration to document heterogeneity across industries in the microfoundations of agglomeration economies. The pattern of … heterogeneity that we document is consistent with both traditional Marshallian theories and with alternative approaches that …