Information-based trade

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...

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Veröffentlicht in:	Journal of economic theory 2010-09, Vol.145 (5), p.1675-1703
Hauptverfasser:	Bond, Philip, Eraslan, Hülya
Format:	Artikel
Sprache:	eng
Schlagworte:	Documents Economic theory Economics Equilibrium models Financial speculation Game theory Information Information dissemination Information economics Information Trade Speculative trade No-trade theorems No-trade theorems Pay-off Securities trading Speculative trade Studies Trade Trade models
Online-Zugang:	Volltext
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