Knowledge consists of the triad: information, interpretation, and judgment. Much of modern political economy has miscarried by proceeding as though knowledge were merely information - that is, as though interpretation were symmetric and final. Economic prosperity depends greatly on new knowledge...

Abstract: Im Mittelpunkt des Werkes steht die Suche nach einer angemessenen Erklärung des Underpricing von Aktienerstemissionen. Eine ausführliche Analyse bestehender Modelle zeigt eine Vorherrschaft formaler Gleichgewichtskonzepte der neoklassischen Informationsökonomie. Keiner der aktuellen...

In contrary to previous literature, we show in the Grossman-Stiglitz model of noisy rational expectation that the social value of asymmetric information can be improved with more informative prices when being informed is uncertain. Investors always benefit from a privately payoff-relevant...

Does market exposure shape civic values and rules that constrain opportunistic behavior and foster generalized cooperation? I investigate this question using a natural experiment on market location from Ethiopia, where exchange is prone to cooperation problems from asymmetric information and...