This article studies the design of farm policy in the presence of asymmetric information about farmers' productivity, a government objective to insure farmers a minimum "parity" income, an endogenous land rent, and diminishing returns on alternative (nonprogram crop) land uses. In this setting,...

The paper studies the market failures associated with land tenure insecurity and information asymmetry in an urban land use model, and analyzes households' responses to mitigate tenure insecurity. When buyers and sellers of land plots can pair along trusted kinship lines whereby deception (the...

1. Asymmetric Information and the Roman Economy: Introduction -- 2. Economics and Information: Asymmetries, Uncertainties and Risks -- Part 1: Information Management -- 3. Managing Economic Public Information in Rome: the Aerarium as Central Archive of the Roman Republic -- 4. Managing...

This volume studies information as an economic resource in the Roman World. Information asymmetry is a distinguishing phenomenon of any human relationship. From an economic perspective, private or hidden information, opposed to publicly observable information, generates advantages and...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...