A Bayesian supply function equilibrium is characterized in a market where firms have private information about their …, competitiveness is affected by the parameters of the information structure: supply functions are steeper with more noise in the … the collusive level. Furthermore, competition in supply functions aggregates the dispersed information of firms (the …

In a standard financial market model with asymmetric information with a finite number N of risk-averse informed traders …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

We investigate the dynamics of prices, information and expectations in a competitive, noisy, dynamic asset pricing … only if traders over- (under-) rely on public information with respect to optimal statistical weights. Both phenomena, in … uncertainty, over-reliance on public information obtains if noise trade displays low persistence. This defines a Keynesian" region …

This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a … competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes …

public information. We argue that, when trading frequencies differ across traders, asset prices reflect investors' Higher … Order Expectations (HOEs) about the two factors that influence the aggregate demand: fundamentals information and liquidity …-rely on public information, the market displays high illiquidity, and low volume of informational trading; conversely, when …

equilibrium is characterized; the equilibrium is privately revealing and the incentives to acquire information are preserved …. Price-cost margins and bid shading are affected by the parameters of the information structure: supply functions are steeper … common value case they tend to the collusive level. Private information coupled with strategic behavior induces additional …

intermediary, parameters of the information structure (precisions of public and private information), and the level of stress …