Aaron Kolb, Marilyn Pease, Daniel W. Sacks, Joshua Quick
{"title":"盲目的披露","authors":"Aaron Kolb, Marilyn Pease, Daniel W. Sacks, Joshua Quick","doi":"10.1257/mic.20210182","DOIUrl":null,"url":null,"abstract":"We develop and test a theory of blind disclosure. A sender chooses whether to disclose information based on a preliminary, private signal. In the unique equilibrium, contrary to the literature’s canonical unraveling result, senders disclose only if their preliminary signal exceeds a cutoff. This cutoff rule leads to partial unraveling in environments with either risk aversion or moral hazard, and disclosure decreases with uncertainty. Using unique administrative data on disclosed and undisclosed grades in a large university, we find that the model is consistent with student choices during spring 2020 to conceal letter grades by switching to optional pass-fail grades. (JEL D81, D82, I23)","PeriodicalId":47467,"journal":{"name":"American Economic Journal-Microeconomics","volume":"119 1","pages":"0"},"PeriodicalIF":2.2000,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Blind Disclosure\",\"authors\":\"Aaron Kolb, Marilyn Pease, Daniel W. Sacks, Joshua Quick\",\"doi\":\"10.1257/mic.20210182\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We develop and test a theory of blind disclosure. A sender chooses whether to disclose information based on a preliminary, private signal. In the unique equilibrium, contrary to the literature’s canonical unraveling result, senders disclose only if their preliminary signal exceeds a cutoff. This cutoff rule leads to partial unraveling in environments with either risk aversion or moral hazard, and disclosure decreases with uncertainty. Using unique administrative data on disclosed and undisclosed grades in a large university, we find that the model is consistent with student choices during spring 2020 to conceal letter grades by switching to optional pass-fail grades. (JEL D81, D82, I23)\",\"PeriodicalId\":47467,\"journal\":{\"name\":\"American Economic Journal-Microeconomics\",\"volume\":\"119 1\",\"pages\":\"0\"},\"PeriodicalIF\":2.2000,\"publicationDate\":\"2023-05-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Economic Journal-Microeconomics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1257/mic.20210182\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Economic Journal-Microeconomics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1257/mic.20210182","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
We develop and test a theory of blind disclosure. A sender chooses whether to disclose information based on a preliminary, private signal. In the unique equilibrium, contrary to the literature’s canonical unraveling result, senders disclose only if their preliminary signal exceeds a cutoff. This cutoff rule leads to partial unraveling in environments with either risk aversion or moral hazard, and disclosure decreases with uncertainty. Using unique administrative data on disclosed and undisclosed grades in a large university, we find that the model is consistent with student choices during spring 2020 to conceal letter grades by switching to optional pass-fail grades. (JEL D81, D82, I23)