This paper analyzes the trade of information between a data buyer and a data seller. The data buyer faces a decision … problem under uncertainty and seeks to augment his initial private information with supplemental data. The data seller is … uncertain about the willingness-to-pay of the data buyer due to this private information. The data seller optimally offers a …

risky arm to dominate the safe one. When payoffs are public information, the ensuing free-rider problem is so severe that … their actions through mediated communication. When payoffs are private information and the success probability on the risky …

We investigate how college students form and update their beliefs about future earnings using a unique information … experiment. We provide college students true information about the population distribution of earnings and observe how this … information causes respondents to update their beliefs about their own future earnings. We show that college students are …

: that new information leads to new knowledge and that new knowledge can affect economic decisions. In the experiment, we … elicit subjects’ prior knowledge state about a good’s attributes, exogenously vary how much new information about good …

: that new information leads to new knowledge and that new knowledge can affect economic decisions. In the experiment, we … elicit subjects’ prior knowledge state about a good’s attributes, exogenously vary how much new information about good …