First Author:   Philippe Jehiel ERAS and UCL jehiel@enpc.fr   CERAS-ENPCC, 28 rue des Saints-Peres Paris, 75007, France   0033144582878(Phone) 0033144582878(Fax) Second Author: Benny Moldovanu University of Mannheim mold@pool.uni-mannhiem.de   Department of Economics, University of Mannheim, Seminargebaeude A5 Mannheim, 68131, Germany   0049-621-1811915(Phone) 0049-621-1811914(Fax)