agents can uncover information they will determine which states can be distinguished and thus which goods are traded … agents from discovering the information that would invalidate their expectations. Inefficiency can also occur if agents have … contemplate an information discovery must be proportional to the probabilities of the events that could be revealed. In the most …

We study how buyer power affects producers' incentives to share information with retailers. Adopting the Bayesian … persuasion framework, we show that full information disclosure is optimal only when buyer power is sufficiently low. Using the … presence of retail price recommendations as the proxy for information sharing between producers and retailers, we empirically …

We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our … main result identifies a property of information—the betweenness property that is both necessary and sufficient for … information aggregation. The characterization provides novel predictions about equilibrium prices in complex, multidimensional …

We consider a large rational expectations economy built on Han and Yang (2013) where traders can share information with … each other via an information network and investigate the impact of network connectedness on market equilibrium outcomes …. We find that in the equilibrium with endogenous information, increasing network connectedness increases the total …