We show that a common (identical across investors) irrationality in information processing can be enough to create …), make investment horizon age-independent, and keep all information complete. The common irrationality in our model takes the … form of a somewhat non-Bayesian information processing. The resulting trade between such essentially identical individuals …

misperceive the performance of their state’s education system. Experimentally providing performance information polarizes citizens …’ educational performance. Parliamentarians’ support for the transparency policy is opportunistic: Performance information increases … educational performance information may incentivize politicians to implement welfare-enhancing reforms. …

Asset price processes are completely described by information processes and investors' preferences. In this paper we … stylized facts that look at first hand like financial market anomalies may be explained by an information process with …

misperceive the performance of their state's education system. Experimentally providing performance information polarizes citizens …' educational performance. Parliamentarians' support for the transparency policy is opportunistic: Performance information increases … educational performance information may incentivize politicians to implement welfare-enhancing reforms. …

certifier can enable the seller to disclose her private information publicly, as well as gather additional market information …-maximal information-gathering. Thus, optimal contracts eliminate private information but not market uncertainty; even though the latter … would be costless, it is suboptimal as it requires excessive information rents to the seller. Thus, market inefficiencies …