asymmetric information
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No matter what language people speak, there is much information that is not in their language. Right now, most of the information available online is in English, but that won't always be the case. Google has been interested in translation, especially as it applies to searching. As of this 2002 lecture, automated translation is not perfect, but co-founder Larry Page reports that they are working to make it better.
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We look at two settings with asymmetric information; one side of a game knows something that the other side does not. We should always interpret attempts to communicate or signal such information taking into account the incentives of the person doing the signaling. In the first setting, information is verifiable. Here, the failure explicitly to reveal information can be informative, and hence verifiable information tends to come out even w...more
