We explore a model of non-Bayesian information aggregation in networks. Agents non-cooperatively choose among Friedkin-Johnsen type aggregation rules to maximize payoffs. The DeGroot rule is chosen in equilibrium if and only if there is noiseless information transmission...leading to consensus....

This short paper shows that in an affiliated value setting one more bidder at the auction stage need not induce a higher expected welfare in either ascending price or second price auctions. We highlight the roles of asymmetries between bidders and of the multidimensional character of the private...

We find an economic rationale for the common sense answer to the question in our title courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that...