Rahi, Rohit; Gottardi, Piero - London School of Economics (LSE) - 2001
in which, prior to trading, agents have some information over the realization of uncertainity. We study a model with … asymmetrically informed agents, treating symmetric information as a limiting case. Trade takes place in asset markets that may or may … information. It formalizes and generalizes the so-called Hirshleifer effect, by showing that generically an interim Pareto …