centralization and delegation, and (iii) two-way communication with an informed principal …

simple logic by which the receiver's prior knowledge becomes an impediment to efficient communication. We show that the … extent of communication is severely limited as the receiver becomes more informed. Moreover, in a simple example with two …

study by Morris argued that analysts' (experts') reputational concerns may discourage truthful communication when they try … on communication in a setting where analysts can choose their precision endogenously. Because both misaligned and aligned … analysts want investors to trust their reports in the future, both will aim to build a reputation for being aligned. In …