This note reconsiders communication between an informed expert and an uninformed decision maker with a strategic mediator in a discrete Crawford and Sobel (1982) setting. We show that a strategic mediator may improve communication even when he is biased into the same direction as the expert. The...

We build a model inspired by the standard hedonic approach developed by Rosen (1974) and completed by Landon and Smith (1997, 1998) to analyse the price of French vaulting stallion semen in 2004. We show that reputation, modelled as an endogenous factor, plays a less important role than...

We show that firms intermediating trade have incentives to overinvest in financial expertise, and that these investments can be destabilizing. Financial expertise in our model improves firms' ability to accurately estimate value when trading a security. It creates adverse selection, which under...