We consider a dynamic version of sender-receiver games, where the sequence of states follows an irreducible Markov chain observed by the sender. Under mild assumptions, we provide a simple characterization of the limit set of equilibrium payoffs, as players become very patient. Under these...

One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations...

We compare the optimal trading strategy of an informed speculator when he can trade ahead of incoming news (is "fast"), versus when he cannot (is "slow"). We find that speed matters: the fast speculator's trades account for a larger fraction of trading volume, and are more correlated with...

We study how managers respond to hurricane events when their firms are located in the neighborhood of the disaster area. We find that the sudden shock to the perceived liquidity risk leads managers to increase corporate cash holdings and to express more concerns about hurricane risk in...

French Abstract: Quelles sont les conséquences en matière de bien-être d'une meilleure diffusion de l'information financière parmi les spéculateurs? Pour traiter cette question, nous considérons un marché où des agents non informés échangent pour un motif de partage de risque avec des...

Une communication publique accessible et inclusive contribue à garantir que tous les individus, quelle que soit leur situation, puissent être entendus et participer à la vie publique. Rédigé dans le cadre d'un projet en collaboration avec le Service d’information du Gouvernement français...

German Abstract: Die Digitalisierung in Subsahara-Afrika verbesserte Kommunikations-Zugang für die Mehrheit der Armen, die bis dahin unter anderem von sozialen Medien, unabhängigen Informationskanälen, Mobile Banking und E-Commerce ausgeschlossen waren. Die Schaffung neuer wirtschaftlicher...