Misprioritized Information: A Theory of Manipulation
本文提出基于真实信息错误优先级排序的操纵理论，分析企业或法律强制披露如何因优先展示利润导向而非消费者效用信息而损害消费者，并识别产品与市场特征以指导最优法律干预。
This paper lays a foundation for a new theory of manipulation based on the misprioritization of (truthful) information. Since consumers review only a subset of all available information, firms can harm consumers by prioritizing information that maximizes firms’ profits but has a smaller impact on the utility that consumers stand to gain from the purchase. Moreover, the distortions due to misprioritized information can arise not only from firms’ boastful disclosures but also from the warnings and disclosures mandated by lawmakers. This paper identifies the product and market characteristics that determine the optimal prioritization of information and, correspondingly, the incidence of harm when the wrong information is prioritized for disclosure—either voluntarily by sellers or by legal mandate. It provides a framework for optimal legal intervention.