Before information φ arrives, market observers must be uncertain whether the stock price conditioned on φ will be … condition of efficient markets, it is shown under the mean-variance CAPM that information which makes the future value of a firm … general, information that allows better discrimination between firms leads some firms to have higher costs of capital and …

purchase information about the state of nature in the form of an information structure. Given his prior, information structure … 'a' is more informative than information structure 'b' if whenever he rejects 'a' at some price, he also rejects 'b' at … ordering based on similar premises exists. -- Informativeness ; information structures ; entropy ; decision under uncertainty …

purchase information about the state of nature in the form of an information structure. Given his prior, information structure … is more informative than information structure if whenever he rejects at some price, he also rejects at that price. We …

, then market rewards the best informed agent. As a result asset prices eventually reflect this information and the market …

This paper provides a microfounded information acquisition technology based on a simple framework with information … search. When searchable information is limited, an agent encounters increasingly more redundant information in his search for … new information. Redundancy slows down the learning process and generates decreasing returns. Furthermore, as multiple …