Using several measures of information share, we examine price discovery across the inter-dealer and dealer-customer market tiers in the currencies market. In the spot market, the information share of the inter-dealer tier is higher than that of the dealer-customer one for non-financial sector...

We analyze how reputation concerns for expertise of a partially informed decision maker affect her ability to extract information from reputation-concerned advisors. Very high reputation concerns of the decision maker destroy her incentives to seek advice. Yet, when such concerns are not high...

A liquidity-constrained asset owner designs an asset-backed security to raise funds from an informed liquidity supplier. Information insensitive securities reduce the liquidity supplier's informational rents. The issuer optimally screens the liquidity supplier's private information by offering a...

This paper investigates an extended version of Crawford-Sobel's (1982) communication game in which the principal can control the quality of the expert's information. We prove that the optimal quality of information is always bounded away from the full information and characterize the optimal...

We develop a growth model that features the endogenous two-tier innovations of information carrier technology and production technology. Information carrier technology promotes production technology innovation and thus economic growth through improving the preservation and dissemination of...

Most learning in the workplace occurs outside of formal learning environments—it happens informally, “in the field.” In this review, we share what is known about how such informal field-based learning (IFBL) works, offer guidance on how to promote healthy IFBL, and identify future research...

Diagnostic information allows an agent to predict the state of nature about the success of an investment project better than the prior. We analyze the optimal pricing scheme for selling diagnostic information to buyers with different, privately known, ex ante success probability. Investment...

Using the language of mathematics, Professor Polk Wagner has recently argued that the impossibility of fully appropriating the value of information in a rights holder leads to the surprising conclusion that expanding the degree of control of intellectual property rights will, in the long run,...

We analyze how reputation concerns of a partially informed decision-maker affect her ability to extract information from reputation-concerned advisors. Too high decision-maker's reputation concerns destroy her incentives to seek advice. However, when such concerns are low, she is tempted to...