This paper surveys the research in the past decade on imperfect information models of
aggregate supply and the Phillips curve. This new work has emphasized that information is …

This paper develops a new theory of fluctuations—one that helps accommodate the notions
of “animal spirits” and “market sentiment” in unique‐equilibrium, rational‐expectations …

Geography and social links shape economic interactions. In industries, schools, and
markets, the entire network determines outcomes. This paper analyzes a large class of …

This chapter studies how incomplete information helps accommodate frictions in
coordination, leading to novel insights on the joint determination of expectations and …

We explore how optimal information choices change the predictions of strategic models.
When a large number of agents play a game with strategic complementarity, information …

A designer commits to a signal distribution that is informative about a payoff-relevant state.
Conditional upon the privately observed signals, agents take actions that affect their payoffs …

A finite number of sellers (n) compete in schedules to supply an elastic demand. The cost of
each seller is random, with common and private value components, and the seller receives …

We analyze games of incomplete information and offer equilibrium predictions that are valid
for, and in this sense robust to, all possible private information structures that the agents may …

We use a survey experiment to generate direct evidence on how people acquire and
process information. Participants can buy different information signals that could help them …

In the context of a “beauty-contest” coordination game (in which pay-offs depend on the
quadratic distance of actions from an unobserved state variable and from the average …