benefits only if they aggregate their private information. Some members of the society, however, are harmed by socially … desirable policies and aim at manipulating information aggregation by misrepresenting their private information. We show that … information can be aggregated and a socially desirable policy can be implemented under a new class of democratic mechanisms …

This paper performs a welfare analysis of economies with private information when public information is endogenously … in information). The reason is that the market in general does not internalize the informational externality when public … statistics (e.g., prices) convey information. Under strategic substitutability, equilibrium prices will tend to convey too little …

This paper proposes a new double-question survey method that elicits information about how individuals subjective …

Information about the future may be instrumentally useful, yet scary. For example, many patients shy away from precise … interacts with an instrumental need for information. The same result emerges when patients rely on probability weighting …

This paper explores the role of information transmission in explaining donors' choice between project aid and budget … example of a “delegation-scheme.” Conversely, project aid represents a more “centralized” type of aid. According to the theory …, when countries' local knowledge is more important than donors' information, recipient countries' discretion in the choice …