February 2001 <p> This paper studies decision problems under uncertainty where a decision-maker observes an imperfect signal about the true state of the world. We analyze the information preferences and information demand of such decision-makers, based on properties of their payoff functions. We...</p>

March 2001 <p> This paper revisits Akerlof's (1970) classic adverse selection market and asks the following question: do greater information asymmetries reduce the gains from trade? Perhaps surprisingly, the answer is no. Better information on the selling side worsens the "buyer's curse," thus...</p>

September 2000 <p> I study self-enforced incentive contracts under imperfect observability, using a model of repeated agency that allows for both common and private performance monitoring. When performance measures are commonly observed, stationary contracts that use the same incentive scheme in...</p>