We present evidence that complex disclosure can result from the strategic incentives to shroud information. We … implement an experiment where senders are required to report their private information truthfully but can choose how complex to … complexity to hide bad news. However, strategic complexity is still effective, which can be attributed to receivers being …

The present complexity approach is based on two assumptions: A1: measurability of deviations of outcomes with respect … to reference values; A2 : extension of A1 to multi-set analysis. Complexity is then defined in terms of multi …-set deviation compared to single-set ones; an interpretation is given in terms of information costs; examples show the relevance of …