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 …

This paper analyzes the effect of the availability of information about the payoff structure on the behavior of players … in a Common-Pool Resource game. Six groups of six individuals played a complete information game, while other six groups … played the same game but with no information about the payoff function. It will be shown that the patterns of investment …

which agents receive private information over time. We propose a suitable generalization of the Vickrey …

decreases. Agents link with each other to gain information and update their links according to better-reply dynamics. In the …

learning provides public information, to which players overreact due to the coordination motive. Coordination affects the … aggregation of private signals through players' optimal choices. Such endogenous provision of public information results in …

We develop a model of information exchange through communication and investigate its implications for information …{private signal} correlated with the underlying state, they exchange information over the induced \textit{communication network} until … ``information hubs'', which receive and distribute a large amount of information. Asymptotic learning therefore requires information …

Why do individuals interpret the same information differently? We propose that individuals follow Bayes' Rule when … forming posteriors with one exception: when assessing the credibility of experts, they "double-dip" the data and use already …-updated beliefs instead of their priors. Our proposed mistake predicts when individuals over- or underreact to new information …