Aldashev, Gani; Carletti, Timoteo; Righi, Simone - In: Journal of Economic Behavior & Organization 80 (2011) 1, pp. 110-121
We study the informational efficiency of a market with a single traded asset. The price initially differs from the fundamental value, about which the agents have noisy private information (which is, on average, correct). A fraction of traders revise their price expectations in each period. The...