WHEN DOES IT PAY TO GET INFORMED?*
分析了重复委托代理问题中委托人何时选择免费获取信息，发现委托人通常会延迟获取信息以避免昂贵的信号传递，且当学习决策可被代理人观察时延迟更长。
A repeated principal–agent problem where both sides start out symmetrically uninformed about a productivity‐related parameter and where the principal has the option to costlessly learn this parameter is analyzed. Typically, the principal delays the acquisition of information to avoid costly signaling. If the learning decision of the principal is observable by the agent, the expected delay is longer than if it is unobservable. The discrepancy is due to the ability of the principal to avoid costly signaling when he is known to be uninformed.