In this paper we employ the Kullback Information apparatus in (a) obtaining the strong consistency of the maximum …

experience and in which sellers, with private information about their type, choose utility-maximizing signals given these prices …

This paper studies the incentives of short-lived agents to acquire costly private information in the presence of public … signals arising from market interaction. It characterizes the social learning process, that is the revelation of information … by public signals, and the information externalities involved. The analysis provides insights on the scope for government …

Asymmetric information concerns either commodities or mutually exclusive states of the world. The notion of competitive … asymmetric information concerning mutually exclusive states of the world, where it is important whether trades are enforceable … and whether trades occur before or after individuals receive private information. In either case, competitive equilibria …

to better understand the comparative advantages of accounting as a source of information. …

tying a product of established quality to one of unknown quality may mitigate the problem of asymetric information … encountered in the latter market. Leveraging reputation in one market to provide information about product quality in a second …