Information-based trade

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• 作者：Philip Bond ; Hü ; lya Eraslan
• 关键词：Information ; Trade ; Speculative trade ; No-trade theorems
• 刊名：Journal of Economic Theory
• 出版年：2010
• 出版时间：September 2010
• 年：2010
• 卷：145
• 期：5
• 页码：1675-1703
• 全文大小：305 K

文摘

We study the possibility of trade for purely informational reasons. We depart from previous analyses (e.g. Grossman and Stiglitz (1980) [22] and Milgrom and Stokey (1982) [32]) by allowing the final payoff of the asset being traded to depend on an action taken by its eventual owner. We characterize conditions under which equilibria with trade exist.