Before information φ arrives, market observers must be uncertain whether the stock price conditioned on φ will be … condition of efficient markets, it is shown under the mean-variance CAPM that information which makes the future value of a firm … general, information that allows better discrimination between firms leads some firms to have higher costs of capital and …

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 information transaction entails the purchase of information. Formally, it consists of an information structure … together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent …'s preferences for information. The index of information transactions has a simple analytic characterization in terms of the relative …

We propose and experimentally test two tractable methods to incentivize the elicitation of private information … incentivize the elicitation of private information using facts, when these are not verifiable, we incentivize the respondent to … reveal her perceptions about others and use that statement to predict the subject's private information. The stronger the …

institutional framework that governs mortgage lending lead to information loss in appraisals (that is, appraisals set equal to the … incidence of mortgage default at loan-to-value boundaries (notches) above which mortgage insurance rates increase. Appraisals …

Acquiring information about destinations can be costly for migrants. We model information frictions in the rational … predicts that ows from countries with a higher cost of information or stronger priors are less responsive to variations in … economic conditions at destination, as migrants rationally get less information before deciding where to move. The econometric …

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 …