Gehrig, Thomas; Gueth, Werner; Levinsky, Rene - Wirtschaftswissenschaftliche Fakultät, … - 2007
entertain idiosyncratic beliefs about the market demand and the probability that an informed seller is trading in the market …. These idiosyncratic beliefs co-evolve with the potential insider's inclination to acquire information. True demand … expectations are not evolutionarily stable when beliefs, via revelation, can be used to commit to more aggressive behavior. The …