We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational …" conditions, no information is acquired and no investment made. In "sweet" conditions, investment is made "blindly", i.e. without … acquiring costly information. In intermediate, "normal" conditions, the decision-maker acquires information and conditions the …

insured individuals. Thus, the functioning of social norms depends crucially on information, in particular on what norm … enforcers are able to observe about an insured individual's behavior. Information is also decisive when distinguishing between …