The negative value of public information in the Glosten–Milgrom model

In the standard market-microstructure model of Glosten and Milgrom (1985), public information can have negative social value. Equivalently, an increase in informational asymmetry can raise the total surplus from trade.

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Year of publication:	2014
Authors:	Pancs, Romans
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 124.2014, 2, p. 207-210
Publisher:	Elsevier
Subject:	Market microstructure \| Negative social value of public information \| Glosten–Milgrom

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Type of publication:	Article
Classification:	G14 - Information and Market Efficiency; Event Studies ; D02 - Institutions: Design, Formation, and Operations ; D40 - Market Structure and Pricing. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010933304