(with Dong Wei)
Price discrimination and information discrimination are compliments; allowing for one activates a role for the other. The optimal mechanism features both. [Slides]
We examine supply-side barriers to the product-adoption puzzle in a setting with limited contract enforcement. The optimal self-enforcing arrangement provides vendors with a line of credit and a fixed price for additional units. We test this arrangement in the field. [Slides]
Does information aggregate in a decentralized marketplace with dispersed information? [Slides]
With credit ratings, privately informed issuers opt for more information sensitive securities such as levered equity.