Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …

The properties of information, including "information uncertainty", can be understood only Bayesianly. Common … formulations that define information uncertainty in terms of just statistical "precision" (i.e. sampling variance), or any one … estimator characteristic (e.g. bias), are inadequate for generalized Bayesian analysis. Methods that deny information a Bayesian …

This paper analyses the role of information in the search process. Ibuild a simple model of a good with two random …

Most macroeconomic data is continuously revised as additional information becomes available. We suggest that revisions …

Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …

Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …

We study the role of information exchange, leadership and coordination in team or partnership structures. For this … held information on the joint production process. Once individual information is shared, team members decide individually … in this environment such that team members communicate their private information and exert efficient productive efforts …

The value of information is examined in a single-agent environment with unawareness. Al though the agent has a correct … lead him to commit information processing errors and to behave suboptimally. As a result, the value of information can be … negative, contrasting what is true in the standard model with partitional information and no unawareness. We show that the …

Conventionally, information acquisition is motivated by its instrumental value – the value derived from adapting action … to new knowledge. In this paper, we explore the notion of reassurance, whereby people seek to acquire information in … will respond positively to non-instrumental information about the occurrence of the loss. We call this the reassurance …

The value of information is examined in a risk-sharing environment with unawareness and complete markets. Information … show with examples that public information can make some agents strictly better off at the expense of others, contrasting … the standard results of Hirshleifer [1971] and Schlee [2001] that the value of public information is negative for all when …