employment. Extra support for refugees seeking employment-the provision of information and advice on the German labor market …

We consider a multi-period rational expectations model in which risk-averse investors differ in their information on … expected utility than outsiders. Yet, information acquisition by one investor exerts a negative externality on other investors …. Thus, investors' average welfare is maximal when access to price information is rationed. We show that a market for price …

traders time their informed trading and how information is incorporated into prices. It is found that informed traders may … choose either to trade early or late on their information, depending on the parameter values of the proposed model. As the … mass of informed traders is large and/or the precision of the private information is high, informed traders choose to trade …