We study third-degree price discrimination in the presence of uninformed buyers who extract noisy information from … posterior beliefs is reduced. Specifically, observing two prices under discriminatory pricing provides more information than one … price under uniform pricing even when discriminatory pricing reduces the amount of information contained in each price. On …

We consider the market for a risky asset with heterogeneous valuations. Private information that agents have about … rely more on the information conveyed by prices, discouraging information gathering may be Pareto improving …. Complementarities in information acquisition can lead to multiple equilibria …

each manager may place more weight on the private signal if the signal provides good information about the average …

possible in principle, we derive results on the required quantity of information …

We investigate experimentally the effects of corrupt experts on information aggregation in committees. We find that non … decreased abstention when the probability of corrupt experts is low, actually increases information efficiency in committee … effect of decreased information efficiency due to corrupt experts. Our results demonstrate that the norm of “letting the …

model for investors facing information and liquidity shocks. These shocks induce speculative and liquidity-motivated order … imbalances (OIB). Furthermore, we obtain a very simple expression for a security's aggregate private information shock: its … our private information measure (based on daily data for all S&P 1500 stocks over 2001-2010) by showing that it is …

We consider a general information design problem in which the task of running a procedure generating information for a …-off between generating information with an eye to the continuation game, and incentivizing the agent to comply with the procedure …

We develop a model to study the observability of investors' information acquisition in financial markets. Relative to … observable information acquisition, unobservable information acquisition leads to more information production if and only if the … ratio of the information-acquisition cost to noise trading is relatively high. This information-production result has …

balanced mechanism which induces the retailers to share their information truthfully. Information sharing can be profitable for …

I study the effects of language commonality (i.e., sharing a native language) on information production in financial …