with the view that valuable information may be lost in hierarchical structures …

information about their costs. We show that cheap talk between the firms cannot transmit any information. However, if the firms …

information flow. When diosyncratic conditions are more variable or more important than aggregate conditions, firms pay more …

hierarchization of a branch decreases its ability to produce "soft" information on loans, leads to increased standardization of loans … and rationing of "soft information" loans. Furthermore, this loss of information brings about a reduction in performance …

information about worker ability as the incumbent firm. I develop a model of asymmetric learning that nests the symmetric learning … find strong support for asymmetric information. I first exploit the fact that groups of workers differ in their variances … interest in my model representing the degree to which information is asymmetric. My estimates imply that in one period, outside …

take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the …

If producers have more information than consumers about goods' attributes, then they may use non-price (rather than … when processing goods' price and quantity information. …

tenure. The option value generated by the acquisition of more information is key to understanding firm dynamics as the … trade, but their effectiveness crucially depends on the speed of learning. …