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Adverse Selection, Heterogeneous Beliefs, and Evolutionary Learning

Buchen, Clemens - 2017

We relax the common assumption of homogeneous beliefs in principal-agent relationships with adverse selection. In an evolutionary learning set-up, which is imitative, principals can have different beliefs about the distribution of agents' types in the population. The resulting nonlinear dynamic...

Persistent link: https://www.econbiz.de/10012970452

Imperfect Information Transmission and Adverse Selection in Asset Markets

Choi, Michael - 2016

This paper studies asset markets where buyers of assets do not inherit private information from previous owners and must learn asset quality over time. Imperfect information transmission reduces asymmetric information, but also reduces the trading volume, prices and efficiency. This result is...

Persistent link: https://www.econbiz.de/10013005245

Optimal Entry Timing

Kolb, Aaron - 2016

A firm of privately known strength chooses when to enter a market, and an incumbent chooses whether to compete or concede. Information about the potential entrant's type is revealed publicly according to an exogenous news process and the timing of entry. I analyze stationary equilibria using the...

Persistent link: https://www.econbiz.de/10013006918

An Information-Based Theory of Time-Varying Liquidity

Daley, Brendan - 2016

We propose an information-based theory to explain time variation in liquidity and link it to a variety of patterns in …

Persistent link: https://www.econbiz.de/10013007451

Coordination and Social Learning

Huang, Chong - 2016

This paper studies the interaction between coordination and social learning in a dynamic regime change game. Social learning provides public information, to which players overreact due to the coordination motive. Coordination affects the aggregation of private signals through players' optimal...

Persistent link: https://www.econbiz.de/10013008554

Endogenous Information Acquisition and the Partial Announcement Policy

ARATO, Hiroki - 2020

We consider implementability and the welfare effects of a partial announcement policy using a model of a beauty contest where agents' actions are strategic complements and where their decisions on public information acquisition are endogenous. The following results are obtained: i) if the...

Persistent link: https://www.econbiz.de/10012856822

Flows and Performance with Optimal Money Management Contracts

Pegoraro, Stefano - 2019

of the flow-performance relationship, and I find empirical support for the theory …

Persistent link: https://www.econbiz.de/10012860014

Signaling with private monitoring

Cisternas, Gonzalo; Kolb, Aaron - 2021

reputation are examined. …

Persistent link: https://www.econbiz.de/10012797860

Monitoring, Moral Hazard, and Turnover

Rothert, Jacek - 2021

’s initial effort has persistent effects, and on the role of reputation in models with endogenous turnover …

Persistent link: https://www.econbiz.de/10013236046

Dynamic Signaling with Stochastic Stakes

Gryglewicz, Sebastian; Kolb, Aaron - 2021

chooses whether to continue receiving a return that is an increasing function of both her reputation and an exogenous public …, and she builds a reputation by continuing when the stakes reach a new minimum. We discuss applications to corporate … reputation management, online vendor reputation, and limit pricing with stochastic demand …

Persistent link: https://www.econbiz.de/10013242323

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