In an earlier work, we analyzed how the legal rules governing contractual liability affect the transfer of information between the parties to the contract. In particular, we showed how limitations on contractual liability might lead high valuation buyers to reveal their valuation of performance,...

We present a model of online content sharing where agents sequentially observe an article and must decide whether to share it with others. The article may contain misinformation, but at a cost, agents can fact-check it to determine whether its content is entirely accurate. While agents derive...

An information cascade is a situation in which an agent who observes others chooses the same action irrespective of the value of the agent's private information signal. Theoretical models have found that cascades result in poor information aggregation, inaccurate decisions, and fragility of mass...

In this paper, we study the role of information in non-market valuation. We develop a variant of the Rosen-Roback model of inter-urban sorting that incorporates public access to information about air quality, and demonstrate that information constraints create a wedge between the revealed and...

We explore a model of non-Bayesian information aggregation in networks. Agents non-cooperatively choose among Friedkin-Johnsen type aggregation rules to maximize payoffs. The DeGroot rule is chosen in equilibrium if and only if there is noiseless information transmission...leading to consensus....

Widely discredited ideas nevertheless persist. Why do we fail to "unlearn"? We study one explanation: beliefs are resistant to retractions (the revoking of earlier information). Our experimental design allows us to identify updating from retractions - unlearning - and to compare it with updating...

Short-term debt that can serve as a medium of exchange is designed to be information insensitive. No one should be tempted to acquire private information to gain an informational advantage in trading that could destabilize the value of the debt. Short-term debt minimizes the incentive to acquire...

We implement a new survey of firms, focusing on their higher-order macroeconomic expectations. The survey provides a novel set of stylized facts regarding the relationship between first-order and higher-order expectations of economic agents, including how they adjust their beliefs in response to...

We examine how a social stigma of seeking information can inhibit learning. Consider a Seeker of uncertain ability who can learn about a task from an Advisor. If higher-ability Seekers need information less, then a Seeker concerned about reputation may refrain from asking to avoid signaling low...

A rich literature finds that individuals avoid information, even information that is instrumental to their choices. A common hypothesis posits that individuals strategically avoid information to hold particular beliefs or to take certain actions--such as behaving selfishly--with lower image...