to contribute to the team output. We vary the type of information the second mover receives prior to his effort choice … and find that agents work more when signals are available. Overall, behavior differs from predictions of standard theory …

The rate of information diffusion and consequently price discovery, is conditional upon not only the design of the … an increasing number of information hierarchies among informed competitive traders leads to a slower information … rather than with noise traders in the presence of the information hierarchies. Furthermore, we show that momentum can be …

the addition of several new chapters on risk sharing, asymmetric information, adverse selection, signaling and moral … asymmetric information in contractual relationships. It is richly illustrated with 150 figures. It is suitable for both self …

In reality, the organizational structure of information — describing how information is transmitted to its recipients … — is as important as its content. In this paper, we introduce families of (indirect) information structures, namely meeting …

We analyze a model in which the value of a security is comprised of multiple distinct parts and private information … about these pieces is scattered among investors. We show that as information is scattered into smaller, distinctively … informative pieces, endogenous information acquisition activity can increase, even if the acquisition cost does not decrease. Our …

strategic advice to taxpayers. This paper formalizes this role, using a simple asymmetric information model where agents can … purchase full information about the government's enforcement rules. In a competitive market for tax preparation services … evasion by revealing full information about its audit rule …

The object of research is information inequality. Information inequality is seen as a socio-economic problem that can … the global and regional levels. The transformation of the information services market depends on the quality of the … positive consequences of information inequality are considered. Along with the growing importance of modern information …

Consider an investment problem with strategic complementarities and incomplete information about returns. This paper … shows that investors aggregate their private information in equilibrium by trading a token and observing its market price … over multiple rounds before making the investment decision. This result is robust to the information environment. The paper …

We show that private firms that go public in the U.S. create positive information externalities for their already …-listed peers: their IPO filings improve their peers’ trading liquidity directly, by reducing information asymmetry, and indirectly …, by crowding in both voluntary disclosure and analyst information production at peer firms. Positive information …

We propose a deterrence mechanism that utilizes insider information contained in criminal networks. Under this …