Information Processing and Limited Liability
研究了有限责任如何影响决策者获取和处理信息的意愿，发现有限责任导致信息处理减少，且在经济不景气或信息成本高时差距更大。
Decision-makers often face limited liability and thus know that their loss will be bounded. We study how limited liability affects the behavior of an agent who chooses how much information to acquire and process in order to take a good decision. We find that an agent facing limited liability processes less information than an agent with unlimited liability. The informational gap between the two agents is larger in bad times than in good times and when information is more costly to process.