In this paper we study how volatility in monetary policy affects economic performance in the presence of endogenously chosen information structures. To isolate the effects produced by the interaction
This incomplete game theory model demonstrates that insurers are perfectly incentivized to improve the health of their patients if patients are fully informed--and not if not.
This paper provides an asymmetric information framework for understanding the nature of financial crises. It provides the following precise definition of a financial crisis: A financial crisis is a di
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