Haimanko, Ori - Graduate School of Economics, Hitotsubashi University - 2009
Einy et al (2002) showed that information advantage of a firm is rewarded in any equilibrium of an incomplete …'s information advantage is only regarding payoff-relevant data, and not necessarily payoff-irrelevant "sunspots". We then show that … there is at least one equilibrium which rewards firm's information advantage even with non-differentiable, but concave …