Truthful Communication of Information (preliminary and incomplete)
نویسنده
چکیده
This paper offers a unified treatment of truthful communication in the context of the sale of an asset under incomplete information. Among other things, the framework accommodates general assumptions about reporting costs, information endowments, the language of communication or the productive uses of information. I show that this class of problems admits a unique perfect sequential rational expectations equilibrium (PRE) and provide a tractable methodology to analyze the equilibrium. As an application, I provide necessary and sufficient conditions for the existence of a PRE, unravelling to full-disclosure and the social value of mandatory disclosure. Lastly, I show that several classic results in this literature may not hold with richer assumptions about truthful communication.
منابع مشابه
A truthful Screening Mechanism for Improving Information Asymmetry in Initial Public Offering Transactions
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تاریخ انتشار 2013