Caccioli, Fabio; Marsili, Matteo - In: Economics - The Open-Access, Open-Assessment E-Journal 4 (2010), pp. 1-20
The authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the...