This paper considers the e effcts of a two-period interaction on the decision of a principal to delegate authority to a potentially biased but better informed agent. Compared to the (repeated) one-period case, the agent's first period actions may also signal his type which in turn impacts wages...

This paper proposes tests to empirically examine whether auction prices aggregate information away from the limit. These tests are applied to a unique dataset containing winning bids and measures of the value and dispersion of information signals in eBay auctions for computers. Results suggest...