derive the optimal contract for both experimentation and production when the agent has private information about his … efficiency in experimentation. This private information in the experimentation stage generates asymmetric information in the … asymmetric information is endogenously determined by the length of the experimentation stage. An optimal contract uses the length …

An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the … probability than a bad one. The entrepreneur makes an upfront payment that the consultant can either invest in information … entrepreneurs so long as his referrals remain high. The principal under-utilizes information in settings (i) and (ii). In setting …

A principal needs to make a decision. An expert is able to supply information that is helpful to the principal, but … based on his reported information and on the true state of nature, which is revealed ex post. There is limited liability … - payments can never be negative. The principal is uncertain about the expert's information acquisition technology: she knows …

Consider an investment problem with strategic complementarities and incomplete information about returns. This paper … shows that investors aggregate their private information in equilibrium by trading a token and observing its market price … over multiple rounds before making the investment decision. This result is robust to the information environment. The paper …

In capital markets, information disclosure is required to reduce information asymmetry among investors. On the other … hand, information held by some market participants is useful for firms' decision making, and the feedback effect, in which … information is obtained from prices and used for decision making, has attracted attention in recent years. This feedback effect is …

one expert are sensitive to model details. -- Communication ; Information ; Noise ; Experts ; Constant threat …This paper studies optimal decision rules for a decision maker who can consult two experts in an environment without … out-of-equilibrium pair of recommendations by the experts are punished with an action that is independent of their reports …

is privately informed about the true state of the world. When n = 1, full information revelation never occurs in … equilibrium and the only information transmission happens in the first period. With n > 1 the outcome depends both on the … structure of the sellers' information and, even more importantly, on the intensity of competition allowed by the trading rules …

using a “one principal-two agent” context with real effort. We confirm the theoretical prediction that information …

We consider a situation where a decision maker gathers information from two or more imperfectly informed experts … multiple experts the effect of correlation on the incentives to report information truthfully is non-monotonic. In particular …. Private information is (conditionally) correlated across players, and communication is cheap talk. We show that with two …