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Endogenous public information and welfare

Vives, Xavier - 2011

This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...

Persistent link: https://www.econbiz.de/10009153832

Endogenous public information and welfare

Vives, Xavier - 2011

Persistent link: https://www.econbiz.de/10009259934

Endogenous Public Information and Welfare in Market Games

Vives, Xavier - 2016

Persistent link: https://www.econbiz.de/10013008600

Endogenous Public Information and Welfare in Market Games

Vives, Xavier - 2015

prices in the rational expectations tradition. Price-contingent strategies introduce two externalities in the use of private … information: a payoff (pecuniary) externality related to aggregate volatility and a learning externality. The impact of the first … little weight on private information. We find that with strategic substitutes and when the learning externality is not very …

Persistent link: https://www.econbiz.de/10013011001

Market Power and Welfare in Asymmetric Divisible Good Auctions

Manzano, Carolina; Vives, Xavier - 2016

We analyze a divisible good uniform-price auction that features two groups each with a finite number of identical bidders. Equilibrium is unique, and the relative market power of a group increases with the precision of its private information but declines with its transaction costs. In line with...

Persistent link: https://www.econbiz.de/10011584960

Strategic supply function competition with private information

Vives, Xavier - 2008

A Bayesian supply function equilibrium is characterized in a market where firms have private information about their uncertain costs. It is found that with supply function competition, and in contrast to Bayesian Cournot competition, competitiveness is affected by the parameters of the...

Persistent link: https://www.econbiz.de/10010264447

Public and private learning from prices, strategic substitutability and complementarity, and equilibrium multiplicity

Manzano, Carolina; Vives, Xavier - 2010

by the strength of a private learning channel from prices, arising from the multidimensional sources of asymmetric … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to …

Persistent link: https://www.econbiz.de/10010270646

A large-market rational expectations equilibrium model

Vives, Xavier - 2011

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 associated with fully revealing rational expectations...

Persistent link: https://www.econbiz.de/10010274759

Endogenous public information and welfare

Vives, Xavier - 2011

Persistent link: https://www.econbiz.de/10010274908

Asset auctions, information, and liquidity

Vives, Xavier - 2010

A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...

Persistent link: https://www.econbiz.de/10010276982