We consider a disclosure game between a seller and a buyer. The seller knows the quality of a good, while the buyer …-dimensional. We design two experimental treatments: In the unawareness treatment, the buyer is uncertain about the first dimension …, but unaware of the second. Here, unawareness refers to a lack of conception rather than lack of information. In the …

We model firms' quality disclosure and pricing in the presence of cursed consumers, who fail to be sufficiently ….e. mandatory disclosure, third party disclosure and consumer education may all increase exploitation and decrease welfare. Even …

The theory of voluntary disclosure of information posits that market forces lead senders to disclose information … adverse inferences about non-disclosed information. Previous research finds that receivers do not sufficiently infer non-disclosure … that competition between senders positively affects disclosure of information and receivers' welfare. …

willing to act. Using a linear programming approach, I characterize optimal information disclosure and provide conditions …

. Current shareholders determine the disclosure policy of a manager, who may be informed about the firm's value. Current … shareholders desire higher future stock prices and dislike volatility. We show that the optimal policy is complete non-disclosure …. The key intuition is that the disclosure policy cannot affect the expected future stock price, but can affect price …

informative communication in others. Building on these observations, we first identify a novel stylized fact: disclosure … complexity is non-monotonic in firm performance. We then develop a model of disclosure complexity that incorporates the dual … sophistication and can adjust the complexity of the disclosure to either provide more precise information or to obfuscate. In …