Investment and Information Acquisition
研究了委托代理关系中生产性投资与说服性信息获取的互动，发现代理人会从高效的生产活动转移资源到信息获取，且两种分配顺序的结果相同。
We study the interaction between productive investment and persuasion activities in a principal–agent setting with strategic disclosure. In an attempt to persuade the principal, the agent diverts substantial resources from productive activities to information acquisition for persuasion, even though productive activities are more efficient and raise the chances of success in persuasion. The equilibrium outcomes of simultaneous and sequential allocation procedures are the same, because the value of learning and experimentation through information acquisition is dominated by the value of productive investment. We show that an increase in cost of an investment project leads to a lower productive investment.