Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …

No voters cast their votes based on perfect information, but better educated and richer voters are on average better … strong correlation between income and political information, Congress representatives vote more conservatively, which is also …

When a principal’s monitoring information is private (non-verifiable), the agent should be concerned that the principal … could misrepresent the information to reduce the agent’s wage or collect a monetary penalty. Restoring credibility may lead … when the private information arrives in time to rescale the agent’s effort. Rescaling is more effective than pure monetary …

appropriate information provision enhances efficiency. We discuss extensions of the model and argue that subsidies may be a … property of a signalling equilibrium to overcome credibility problems in information provision. In addition we point out … possible problems with overreaction to public information. Furthermore, we suggest a new focus for development policy. …

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

? Suppose a manager’s evaluation is private information. Justifying her evaluation is costly but limits the principal’s scope … for distorting her evaluation of the employee. I show that the manager justifies her evaluation if and only if the … employee’s performance was poor. The justification assures the employee that the manager has not distorted the evaluation …