The Optimal Amount of Discretion to Allow in Disclosure
研究拥有私人信息的一方在可验证但非全部披露信息时，应允许其自由裁量还是施加限制，以提升信息披露的信息量并改善经济决策。
In this paper a party with private information can verifiably disclose some, but not all, of his information. The optimal amount of discretion to allow the informed party is studied. That is, should the informed party be allowed unlimited discretion in choosing which elements of his information set to disclose, or should restrictions be imposed that limit this discretion? The model is formulated in the spirit of a "persuasion game." It is demonstrated that under certain circumstances, rules that limit discretion increase the informativeness of disclosures and thus improve economic decisions.