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 …

principal to prefer a policy of adjusting ex post the performance measure for the information provided by the agent to a policy …We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his … performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors …

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 …

equilibrium is characterized; the equilibrium is privately revealing and the incentives to acquire information are preserved …. Price-cost margins and bid shading are affected by the parameters of the information structure: supply functions are steeper … common value case they tend to the collusive level. Private information coupled with strategic behavior induces additional …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

and private values in the absence of exogenous noise. It is shown how private information yields more market power than … the levels seen with full information. Results obtained here are broadly consistent with evidence from asset auctions, may …

This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a … competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes … amount of induced mispricing. -- adverse selection ; information acquisition ; double auction ; multi-unit auctions ; rate of …