Until recently, most policy debates on pensions — especially in Europe — focused on public responsibilities and the difficulties that many publicly funded schemes have in meeting their obligations. However, recent events, not least declines in stock markets, have increased the salience of...

We study the information flows that arise among a set of agents with local knowledge and directed payoff interactions, which differ among pairs of agents. First, we study the equilibrium of a game where, before making decisions, agents can invest in pairwise active communication (speaking) and...