An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the … probability than a bad one. The entrepreneur makes an upfront payment that the consultant can either invest in information … entrepreneurs so long as his informal referrals remain high. The principal finds it optimal to under-utilize information if she uses …

We use a laboratory experiment to study how mutual payoff information affects play in strategic settings. Subjects play … the Prisoner's Dilemma or Stag Hunt game against randomly re-matched opponents under two information treatments. In our … partial-information treatment subjects are shown only their own payoffs, while in our full-information treatment they are …

An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the … probability than a bad one. The entrepreneur makes an upfront payment that the consultant can either invest in information … entrepreneurs so long as his referrals remain high. The principal under-utilizes information in settings (i) and (ii). In setting …

In an information cascade experiment participants are confronted with artificial predecessors predicting in line with … coinciding predictions of predecessors are observed, regardless of whether additional information is revealed by these … is not recognized. -- information cascade ; Bayes' Rule ; decision under risk and uncertainty ; experimental economics …

We investigate whether the simple plurality rule aggregates information efficiently in a large election with three …. With two alternatives and strategic voters, the simple plurality rule aggregates information efficiently in elections with …