endogenous information structures: Players are uninformed whether the target player cooperated or defected at the cooperation … stage, but can decide to resolve the information imperfection at non-negative cost at the punishment stage. We examine how … resolving the information imperfection) and a «diffusion effect» (defectors make up a smaller share of the punished and receive …

Information are different from normal, especially private goods. This has to be considered in an economic analysis …. Using science and the internet as examples, some specific characteristics of information are presented and implications are …

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 …

randomize the provision of structured information on the true state of the academic market and information through role models …

provision of structured information on the true state of the academic market and information through role models on non …

We develop a new theory of information production during credit booms. In our model, entrepreneurs need credit to … themselves from such diversion in two ways: collateralization and costly screening, which generates durable information about … accumulates physical capital but depletes information about investment projects. As a result, collateral-driven booms end in deep …

We report a controlled laboratory experiment examining risk-taking and information aggregation in groups facing a … common risk. The experiment allows us to examine how subjects respond to new information, in the form of both privately … bias': they place less weight on information from others that agrees with their private signal and more weight on …