An issuer designs a contract and agents flexibly acquire information when deciding whether to accept it and provide liquidity. Unlike the existing literature, we do not impose any physical restriction on information structure to capture the idea of flexible information acquisition. Facing an...

We study multi-agent security design in the presence of coordination frictions. A principal intends to develop a project whose value increases with an unknown state and the level of agents’ participation. To motivate the participation of ex-ante homogeneous agents, the principal offers them...

We study flexible information acquisition in a coordination game. "Flexible" acquisition means that players choose not only how much but also what kind of information to acquire. Information acquisition has a cost proportional to reduction of entropy. Hence, players will collect the information...

Electrochemical reduction of CO 2 to C2 products provides a promising approach for controlling the global carbon balance and restoring renewable surplus electricity, while the low CO 2 activation property and slow OC-CO coupling rate lead to unfavorable performance on Cu-based catalysts. Here we...

Energy consumption and energy intensity reduction opportunities are quite different from one enterprise to another. It is necessary to understand how much energy is used at individual enterprise, where the most energy is consumed and what the best opportunities are to invest in energy...

China has set an ambitious target to increase its wind power capacity by 35 GW from 2007 to 2020. The country's hunger for clean power provides great opportunities for wind energy investors. However, risks from China's uncertain electricity market regulation and an uncertain energy policy...