Leadership and Information
研究组织如何通过领导者而非市场或合约做出集体决策，发现领导者独享信息并选择性披露，能维持信息不对称，从而在激励问题中实现最优结果。
An organization makes collective decisions through neither markets nor contracts. Instead, rational agents voluntarily choose to follow a leader. In many cases, incentive problems are solved: the unique nondegenerate equilibrium achieves the first best, even though every agent has incentives to free ride. The leader has no special talents but is distinguished by getting exclusive access to information. A crucial feature is that the leader reveals part but not all of her information. It is this maintenance of informational asymmetry that permits achieving the first best.