information and correlated between them. The principals benchmark their agents against each other by making the same offers in the … complements this pattern is reinforced while under competition in substitutes the principals trade off the benefits of …

We study the impact of information revelation on efficiency in auctions. In a constrained-efficient mechanism, i.e. a … mechanism that is efficient subject to the incentive-compatibility constraint, any additional information available to bidders …-price sealed-bid auction, revelation of information might lead to efficiency losses. …

evidence on the effect of income risk and information acquisition on portfolio choice. …

In an observational learning environment, rational agents with incomplete information may mimic the actions of their …

increase welfare; however, it may also decrease welfare if education is insufficient to alter the equilibrium information and …

crucial novel feature is the competition between lenders in their choice of contracts offered. The quality of investment … distribute themselves across all offered contracts. Competition between banks introduces three possibilities for a breakdown of …

becomes de facto a potential competitor. We show that this potential competition can only be avoided through syndication …

for private information. We charac terize optimal mechanisms and analyze specific programs often used during banking …