A decision maker asks an adviser repeatedly for advice. The adviser is either competent or incompetent and his preferences are not perfectly aligned with the decision maker's preferences. Over time the decision maker learns about the adviser's type and fires him if he is likely to be...

A decision maker repeatedly asks an adviser for advice. The adviser is either competent or incompetent and his preferences are not perfectly aligned with the decision maker's preferences. Over time the decision maker learns about the adviser's type and fires him if he is likely to be...

What is in banks’ private information about borrowers, and how does it relate to physical distance and relationship length? Exploiting the Federal Reserve’s comprehensive supervisory loan-level dataset on corporate borrowers, we distinguish two dimensions of private information embedded in...