We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our … main result identifies a property of information—the betweenness property that is both necessary and sufficient for … information aggregation. The characterization provides novel predictions about equilibrium prices in complex, multidimensional …

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 …

, many social situations involve another person who is in a position to impose this information. How does the presence of a … potential informer affect information, behavior, and welfare in social decisions with moral wiggle-room? We introduce a third …-party informer into the moral wiggle-room game. Almost half of the dictators tried to avoid information only to have it imposed upon …

aggregate information when the population is large, in any equilibrium. Here, we study the performance of large elections with … information is not aggregated. The main driving force is that, everything else equal, voters are more likely to be pivotal if the …

In games with strategic complementarities, public information about the state of the world has a larger impact on … equilibrium actions than private information of the same precision, because the former is more informative about the likely … levels of reasoning. This paper analyzes the welfare effects of public information under limited levels of reasoning and …

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 …

acquire costly unobservable information about it before taking the decision. The problem has features of moral hazard and … hidden information since the acquisition of information and its content are unobservable to the principal. The optimal …

This paper analyzes in a spatial framework how much information a seller discloses about the variety he sells when he …

A sender who wants to influence a decision maker has no incentive to collect information if he has to reveal all … cost, he invests more in obtaining information when this cost is lower, and this dampens the incentive to conceal evidence … as the decision maker would become skeptical upon hearing nothing. In equilibrium greater freedom to conceal information …

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 …