A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

defined law of demand for financial information when asset return distributions are conjugate priors to signals such as in the … return prevents Bayesian investors from unbounded information demand even if signals are costless, unless the riskfree asset …

public belief, there are strategic complementarities in the acquisition of private information and, if the cost of … information is sufficiently small, a continuum of equilibrium strategies. Imperfect observation of past prices reduces the … different regimes for the evolution of the price, the volume of trade, and information acquisition. …

information (because of endogenous firm value), we identify cases where ATS increases both exchange market efficiency and real …) affect exchange market efficiency and real efficiency. An informed investor chooses the exchange market with positive … asymmetric firm investments and leads to asymmetric limits to arbitrage. Measuring exchange market efficiency by mutual …

subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …