Hsu, Chiente; Orosel, Gerhard O. - In: Swiss Journal of Economics and Statistics (SJES) 134 (1998) II, pp. 133-158
The prominent Milgrom-Stokey no-trade theorem shows that differences in private information alone cannot give rise to trade among fully rational agents. In this note we demonstrate that similar no-trade results hold as well for a model introduced recently by Blume, Easly and O'Hara although in...