to contribute to the team output. We vary the type of information the second mover receives prior to his effort choice …

to this model, chief among them credibly signaling information about product quality to a pool of small, uninformed … quality by setting a high target that is distorted above the full information optimal level. While a separating equilibrium …

In this paper we examine whether publishing the information underlying the central bank's decisions is socially … the distortions stemming from heterogeneous information. However, transparency generally raises the variance of inflation …

When the information used by a principal to monitor an agent is private, and thus non-verifiable by a third party, the … information in order to collect a monetary penalty from him. Restoring credibility may lead to an extreme waste of resources … efficient outcome is feasible by exploiting the timing of private information. If the private information arrives before the …

This paper studies information orders in screening models with quasilinear preferences. I amend a general screening … information order ranks two signals if the distributions over inverse hazard rates induced by the first signal are mean …

certifier can enable the seller to disclose her private information publicly, as well as gather additional market information …-maximal information-gathering. Thus, optimal contracts eliminate private information but not market uncertainty; even though the latter … would be costless, it is suboptimal as it requires excessive information rents to the seller. Thus, market inefficiencies …

and shares the rating information among all markets. This allows the agency to coordinate the ratings and achieve a higher … information of other clients. When the underlying qualities of the clients are correlated, decentralized rating leads to a smaller …