On May 20, 1976, the Economics Department of the City College of the City University of New York held its fourth annual conference. Eight papers followed by eight com­ ments were delivered on the topic of "Economics of Informa­ tion." These papers and comments are published in this volume along with a brief introduction. This publication has been made possible by income from the Harry Schwager Fund. My colleagues in the Economics Department have been generous when called upon to read and evaluate the papers. Professor Morris Silver, chairman of the department, was helpful at each stage of the project. Bob Leiter, my colleague and joint editor of these papers, died on August 19, 1976, while we were in the process of editing this volume. He was instrumental in organizing the Economics Department's annual conferences from their beginning in 1973 and for editing or jointly editing the con­ ference volumes. The Economics Department's Memorial Resolution, which follows, best expresses our sense of loss at his premature death.