based on private information and incentives. …

information can lead to overprovision of quality, reflecting a dynamic rent extraction motive. When the regulator hires a single … further show that for small levels of asymmetric information, the regulator may prefer contracting with a sequence of agents … effect even under recurring private information, and shorter franchises are beneficial from a social viewpoint. …

of information can lead to over-provision of quality under optimal regulation, reflecting a dynamic rent extraction … show that for small levels of asymmetric information, the regulator prefers to hire a single agent rather than to contract …, the fact that quality physically links periods together leads to a ratchet effect even when private information is …

level, the lower the incremental dividend. This result is in line with the purpoted positive relation between information … asymmetry and dividend policy (e.g., Miller and Rock, 1985) and the assertion that risk management alleviates the information …

efficiently react to information? We show that the precision of information plays an essential role. Foreclosing by one lender is … other lenders receive more precise information. We develop a Bayesian game where signals of different precision are randomly … pattern of information. However this is a second-best outcome, given that private information cannot be optimally shared. …

The concept of Ambiguity designates those situations where the information available to the decision maker is …? The present paper fi…lls these gaps. Speci…fically, it identifi…es those information structures that are incompatible with … information. These are used to give a formal de…finition of Ambiguity and, consequently, to distinguish between ambiguous and …