for why such an arrangement is typically chosen. I use a deterministic matching model with a continuum of agents where …

aggregation of private information in financial markets. We analyze a financial market à la Glosten and Milgrom, in which informed …, eventually, all informed traders decide not to trade, independently of their private information, i.e., an informational cascade … when the theory suggests they should. Nevertheless, the ability of the price to aggregate private information is not …

agents cannot process all available information, but they can choose which exact pieces of information to attend to. Several … important results in economics have been built around imperfect information. Nowadays, many more forms of information than ever … before are available due to new technologies, and yet we are able to digest little of it. Which form of imperfect information …

aggregation of private information in financial markets. We analyze a financial market agrave; la Glosten and Milgrom, in which … that, eventually, all informed traders decide not to trade, independently of their private information, i.e., an … cascades occur when the theory suggests they should. Nevertheless, the ability of the price to aggregate private information is …