the addition of several new chapters on risk sharing, asymmetric information, adverse selection, signaling and moral … asymmetric information in contractual relationships. It is richly illustrated with 150 figures. It is suitable for both self …

information, equilibria are efficient, and we determine the degrees of specialization under which the specialized insurers are …

information, equilibria are efficient, and we determine the degrees of specialization under which the specialized insurers are …

respect to the prior information is studied …

Before information φ arrives, market observers must be uncertain whether the stock price conditioned on φ will be … condition of efficient markets, it is shown under the mean-variance CAPM that information which makes the future value of a firm … general, information that allows better discrimination between firms leads some firms to have higher costs of capital and …

This paper investigates how information uncertainty, measured through variation in the informativeness of the public … information environment, shapes the organizational design choices of firms. I posit that, when faced with higher uncertainty about … decisions and vertical integration, thereby facilitating access to information about these industries. Consistent with this …

significant expected payoffs when they shun uncertain alternatives in favor of known ones. Worse, when information is revealed …