A quota contract is known to be susceptible to the timing games by the agent. We show that this seemingly undesirable feature is what makes the use of quota contracts profitable for the principal who lacks contractual commitment power. A quota contract, by encouraging the agent's gaming...

An agent searches sequentially for advice from multiple experts concerning the payoff of taking an operation. After incurring a positive search cost, the agent can consult an expert, whose interest is partially aligned with him. There are infinitely many experts, each has access to an...

We analyze a model of competition in Bayesian persuasion in which multiple symmetric senders vie for the patronage of a receiver by disclosing information about their respective proposal qualities. We show that a symmetric equilibrium exists and is unique. We then show that as the number of...

We analyze a model of competition in Bayesian persuasion in which two senders vie for the patronage of a receiver by disclosing information about the qualities of their respective proposals, which are positively correlated. The information externality -- that the news disclosed by one sender...

In a Bayesian persuasion setting, a sender persuades a receiver to take an action by designing and committing to disclose information about the receiver's payoff of taking the action. We propose a model that incorporates reciprocity into the Bayesian persuasion setting, using the approach of...

We revisit the classic sequential-search model by Weitzman (1979) in which an agent is presented with a number of boxes containing uncertain prizes, from which he selects one prize after sequentially opening the boxes and learning the prize contained within. In our model, each box is owned by an...

Using newly available data, we document that internal migrants do not enjoy the same access to local public goods and services as city residents in China. We estimate a spatial overlapping generations model with heterogeneous households to quantify the impact of the Hukou system on urban fiscal...

Using newly available data, we document that internal migrants do not enjoy the same access to local public goods and services as city residents in China. We estimate a spatial overlapping generations model with heterogeneous households to quantify the impact of the Hukou system on urban fiscal...