The rate of information diffusion and consequently price discovery, is conditional upon not only the design of the … an increasing number of information hierarchies among informed competitive traders leads to a slower information … rather than with noise traders in the presence of the information hierarchies. Furthermore, we show that momentum can be …

In reality, the organizational structure of information — describing how information is transmitted to its recipients … — is as important as its content. In this paper, we introduce families of (indirect) information structures, namely meeting …

We analyze a model in which the value of a security is comprised of multiple distinct parts and private information … about these pieces is scattered among investors. We show that as information is scattered into smaller, distinctively … informative pieces, endogenous information acquisition activity can increase, even if the acquisition cost does not decrease. Our …

We develop a theory that explains how and when privacy can increase welfare. Without privacy, some individuals … them individually, and impairs information aggregation. The information gain from infringing privacy (e.g. by electronic … surveillance) can be much smaller than expected ceteris paribus. Overall, privacy is essential for any mechanism of information …

beyond reach, then it is generally optimal to concede an information rent to one type only. …

This paper performs a welfare analysis of economies with private information when public information is endogenously … in information). The reason is that the market in general does not internalize the informational externality when public … statistics (e.g., prices) convey information. Under strategic substitutability, equilibrium prices will tend to convey too little …

This paper studies the social value of public information in environments without common knowledge of the data …

possess private information. We show that, depending on the intensity of the entrepreneur's moral hazard problem, optimal … contracts induce full, partial, or no revelation of the investor's private information. A partial or nonrevelation of … information is optimal, when it mitigates an undersupply of effort by the entrepreneur due to moral hazard. …

In Bayesian environments with private information, as described by the types of Harsanyi, how can types of agents be …

This paper performs a welfare analysis of economies with private information when public information is endogenously … in information). The reason is that the market in general does not internalize the informational externality when public … statistics (e.g., prices) convey information. Under strategic substitutability, equilibrium prices will tend to convey too little …