to predictable marginal cost changes, as expected from the Mankiwand Reis (2002) Sticky Information Model. We …nd that... …

,questions whether norm deviations can be detected and thus punished. By investing in information acquisition, aresponder in an ultimatum … can be rather high (‘high payoff mode’) orlow (‘low payoff mode’). The responder can buy information about the proposer … buy reward information (30 out of 55). Buyingreward information on average did not help the responder nor did it improve …

spreads are inversely related to a trade’s likely information content. Second,the paper suggests three potential sources for … the pattern of customer spreads, two of which rely onthe information structure of the market.[...] …

regions. These regions are – as predicted by the local information hypothesis –centers of political and financial decision …