We examine the effect of bilateral trade in a concentrated industry under Cournot competition, when firms are regulated by national agencies who care about national social welfare. We allow for differences in costs and market sizes and for asymmetric information between regulatory agencies and...

In the context of a stationary economy, where markets for long-lived real assets open periodically, we analyze the welfare effect of the information structure. At each period, agents receive a signal related to the future dividends of assets. Whenever the quality of the information increases,...