This paper analyzes conditions for strong rationality of the equilibrium in a linear/Gaussian model of a competitive commodity market, where firms are differentially informed about costs of production and the precision of private information is endogenously acquired. A Rational Expectations...

This paper studies the effect of asymmetric information on equilibrium stability in a class of linear models where the actual state depends on the forecasts about it. Stability is deffined by the so-called eductive criterion which relies on common knowledge of rationality. The main result is...

We study the implications of conformism among analysts in a CARA Gaussian model of the market for a risky asset, where a trader's in- formation is a message sent by an analyst. Conformism increases the weight of the public information in the messages, decreasing their in- formativeness. More...

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