We explore the intuitive idea that more information leads to greater dispersion of posterior beliefs about the expected …. Then, for the class of monotone information systems, we characterize the weakest information criteria that respect OS and … states. Because of OS, the information criteria induce the dispersion orders not only on the posterior expectations of states …

The value of information is examined in a single-agent environment with unawareness. Although the agent has a correct … lead him to commit information processing errors and to behave suboptimally. As a result, the value of information can be … negative, contrasting what is true in the standard model with partitional information and no unawareness. We show that the …

We study mechanism design in non-Bayesian settings of incomplete information, when the designer has no information …

In auctions with private information acquisition costs, we completely characterize (socially) efficient and (revenue …

unverifiable private information about their costs. We investigate the conditions under which the firms cannot transmit any … information through cheap talk, and show that when these conditions are violated, it may be possible to construct informative …

a seller optimally chooses the costly quality of pre-sale information, next to the price of information and the product … price, and obtain clear-cut predictions on when information is over- and when it is underprovided, even though we find that … information quality does not satisfy a standard single-crossing property. Buyers who are a priori more optimistic about their …

incomplete information games. The main result of this paper shows that every partition model for incomplete information can be …

sophistication. The focus of the model is observational learning; that is, each agent receives initial private information and makes … inferences regarding the private information of others through the repeated interaction with his neighbors in the network. The … main question is how well agents aggregate private information through their local interactions. I show that in finite …