Showing 1 - 10 of 411
Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities often depend on the presence of salient unchosen alternatives. Our focus is to understand <i>why</i> an evolutionary process might optimally lead to such seemingly dysfunctional features...
Persistent link: https://www.econbiz.de/10011599367
Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities often depend on the presence of salient unchosen alternatives. Our focus is to understand <i>why</i> an evolutionary process might optimally lead to such seemingly dysfunctional features...
Persistent link: https://www.econbiz.de/10005212485
What are the value and form of optimal persuasion when information can be generated only slowly? We study this question … in a dynamic model in which a `sender' provides public information over time subject to a graduality constraint, and a … sender's equilibrium value function and information provision. We show that the graduality constraint inhibits information …
Persistent link: https://www.econbiz.de/10014536988
We investigate strategic information transmission with communication error, or noise. Our main finding is that adding …
Persistent link: https://www.econbiz.de/10011599393
This paper analyzes multi-sender cheap talk when the state space might be restricted, either because the policy space is restricted, or the set of rationalizable policies of the receiver is not the whole space. We provide a necessary and sufficient condition for the existence of a fully...
Persistent link: https://www.econbiz.de/10011599396
Costly delay in negotiations can induce the negotiating parties to be more forthcoming with their information and … time that would allow efficient information aggregation in equilibrium. …
Persistent link: https://www.econbiz.de/10011599465
This paper analyzes the optimal provision of incentives in a dynamic information acquisition process. In every period …, the agent can acquire costly information that is relevant to the principal's decision. Each signal may or may not provide …. First, we assume that the agent has no private information at the time of contracting. Under the optimal mechanism, the …
Persistent link: https://www.econbiz.de/10011599467
intermediation in these equilibria cannot improve information transmission. However, none of these conclusions hold for mixed …
Persistent link: https://www.econbiz.de/10011599481
conflict within the committee. We also compare decisions made by committees consisting of specialized experts to decisions made … by committees of generalists who can each assess all information available. The acceptance standard decreases (increases …) in the degree of conflict when information is public (private). In both cases welfare decreases in the level of conflict …
Persistent link: https://www.econbiz.de/10011599498
We develop a model of information exchange through communication and investigate its implications for information …{private signal} correlated with the underlying state, they exchange information over the induced \textit{communication network} until … ``information hubs'', which receive and distribute a large amount of information. Asymptotic learning therefore requires information …
Persistent link: https://www.econbiz.de/10011599505