When the information used by a principal to monitor an agent is private, and thus non-verifiable by a third party, the … information in order to collect a monetary penalty from him. Restoring credibility may lead to an extreme waste of resources … efficient outcome is feasible by exploiting the timing of private information. If the private information arrives before the …

We investigate whether the simple plurality rule aggregates information efficiently in a large election with three …. With two alternatives and strategic voters, the simple plurality rule aggregates information efficiently in elections with … well, including those in which voters vote informatively. -- efficient information aggregation ; simple plurality rule …

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 …

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 …

risks. We compare parametric to indemnity insurance in a simple model where the insurance company has superior information … about the probability of the event (reversed asymmetric information). We find that indemnity insurance tends to be welfare …

message’s meaning by aggregating these reasons; her private information tells her whether some potential reasons support the …