This paper examines necessary conditions for a demand for new information to exist. In this one-period model, investors are homogeneous, have logarithmic utility, and must decide on information acquisition before trading starts, and without knowing what other investors will do. We examine the...

This paper examines necessary conditions for a demand for new information to exist. In this one-period model, investors are homogeneous, have logarithmic utility, and must decide on information acquisition before trading starts, and without knowing what other investors will do. We examine the...

We use the analogy of ecological succession as our conceptual framework. We apply this analogy to the history of foreign banks in Bulgaria and argue that the current predominance of foreign banks is unlikely to be permanent, even without government action. Foreign banks have entered Bulgaria...