Endogenous Information: The Role of Sequential Trade and Financial Participation
We develop a general equilibrium model with differential information and incomplete financial participation. Agents endogenously update information from commodity prices and financial contracts. Without require financial survival assumptions, we prove equilibrium existence in a model where the heterogeneity of preferences across states of nature may depends on available information.
Year of publication: |
2012-09
|
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Authors: | Cea-Echenique, Sebastián ; Hervés-Beloso, Carlos ; Torres-Martínez, Juan Pablo |
Institutions: | Departamento de Economía, Facultad de Economía y Negocios |
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