This paper analyzes a model of investment and return in an economy characterized by information asymmetry between an investor and a manager. The realized value of the uncertain state of nature is the manager's private information. The paper first considers an economy where the manager cannot...

This paper examines experimentally the reputation building role of disclosure in an investment / trust game. It provides experimental evidence in support of sequential equilibrium behavior in a finitely repeated investment / trust game where information asymmetry raises the possibility of...

This paper examines experimentally the reputation building role of disclosure in an investment/trust game. It provides experimental evidence in support of sequential equilibrium behavior in a finitely repeated investment/trust game where information asymmetry raises the possibility of voluntary...