We develop a model of information exchange through communication and investigate its implications for information aggregation in large societies. An underlying state determines payoffs from different actions. Agents decide which others to form a costly communication link with incurring the...

We develop a model of information exchange through communication and investigate its implications for information aggregation in large societies. An underlying state determines payoffs from different actions. Agents decide which others to form a costly communication link with incurring the...

Years after the Great Recession, the economy is still weak, and an unprecedented number of workers have sunk into long spells of unemployment. Cut Loose provides a vivid and moving account of the experiences of some of these men and women, through the example of a historically important group:...