such communication is that it takes on one of two alternative forms when quality is exogenous: 1) disclosure of quality … general, these two literatures have ignored one-another. In this paper we argue that disclosure and signaling are two sides of … integration of these two alternatives leads to a number of new implications about disclosure, signaling, firm preferences over …

dragnets; student rankings; constraints on information disclosure at trial; electricity and water usage during periods of …

lower full marginal cost. We characterize the firm�s equilibrium disclosure and pricing behavior, and compare that … behavior and the associated welfare to what would occur under a regime of mandatory disclosure. We derive a range of disclosure … costs that would induce a high-safety firm to choose disclosure over signaling. When the firm�s full marginal cost is …