Strategic complementarity of information acquisition in a financial market with discrete demand shocks

A simple model of financial market with rational learning and without friction is presented in which the value of private information increases with the mass of informed individuals, contrary to the property presented by Grossman and Stiglitz (1980). The key assumption is the possibility of independent discrete shocks on the fundamental value and on an exogenous demand.

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Year of publication:	2007-12
Authors:	Chamley, Christophe
Institutions:	HAL
Subject:	endogenous information \| strategic complementarity \| financial markets \| aggregation of information

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00587697
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010738989