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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 …
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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 …
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A theory in which the timing of consumer expectation adjustments is endogenously state-dependent and stochastic is proposed. These expectation adjustments generate highly heterogenous consumption responses to income windfalls: many households do not respond, those who do over-react, the marginal...
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