We study learning via shared news. Each period agents receive the same quantity and quality of first-hand information and can share it with friends. Some friends (possibly few) share selectively, generating heterogeneous news diets across agents akin to echo chambers. Agents are aware of...

How do future well-being and preferences affect the current well-being and preferences of forward-looking agents? Our theory explores this question, producing a new class of tractable models which capture and explain phenomena such as present bias, consumption interdependence, sign effects in...

Personal data is an essential input for the digital economy. Yet, individuals often have limited control over its use and are rarely compensated for it. What inefficiencies does this status quo generate? Which market institutions could improve upon it? We study the competitive equilibria of an...

We study equilibrium behavior in incomplete-information games under two information constraints: seeds and spillovers. The former restricts which agents can initially receive information. The latter specifies how this information spills over to other agents. Our main result characterizes the...