The Value of Commitment with Imperfect Observability and Private Information
重新审视了承诺在领导者行动被噪声干扰且拥有私人信息时的战略价值，探讨领导者类型不确定性和观测噪声如何影响这一价值。
The idea that commitment is valuable plays a key role in many economic models. However, Bagwell (1995) has shown that commitment may have no value if there is (even a slight) noise in the observation of the leader's action, thus casting doubt on the notion that commitment has strategic value. Here I reconsider the commitment story in a model where the leader's action is imperfectly observed and the leader has private information, and I examine how it is affected by uncertainty about the leader's type and by the observation noise.