2/2 is Spence's https://bit.ly/3b62syr assumption, viz. 'c…

Twetch ·

2/2
is Spence's https://bit.ly/3b62syr

assumption, viz. 'cost of signal MUST be lower for high value info and act as signal to receiver such that they will pay a higher cost'

High cost != honest, must consider individual case cost/benefit of deception