An uninformed sender chooses a publicly observable experiment and sends a message to a receiver after privately learning the experimental outcome. To design the optimal experiment, the sender faces a tension between acquiring more information and alleviating the conflict of interest. In the...

An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the state of a project prior to investing in it. For a given level of investment, a good project succeeds with higher probability than a bad one. The entrepreneur makes an upfront...