which agents receive private information over time. We propose a suitable generalization of the Vickrey …

We study a linear interaction model with asymmetric information. We first characterize the linear Bayes Nash … information structure.We use our results in a variety of applications: (i) we study the connections between incomplete information … and strategic interaction, (ii) we explain to what extent payoff environment and information structure of a economy are …

obtained in a complete information setting, where coordination is easy, to those obtained in a setting with strategic risk … deterrent effect under complete information, this does not hold anymore under strategic risk. Rather, we find that increases in …

correlated fundamentals open sequentially. In both markets, subjects receive private information. Subjects in the market opening … information is only imperfectly aggregated, subjects are able to make correct inferences based on the public information coming … when it is rational to do so because they convey information …

correlated fundamentals open sequentially. In both markets, subjects receive private information. Subjects in the market opening … information is only imperfectly aggregated, subjects are able to make correct inferences based on the public information coming … when it is rational to do so because they convey information …

.We contrast results obtained in a complete information setting with those obtained in a setting with strategic risk, where players … have different information about their environment. These two strategic settings allow us to identify and distinguish the … unambiguously facilitate peace under complete information. In contrast, under strategic risk, we show that increases in weapon …

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 …