Golosov, Mikhail; Lorenzoni, Guido; Tsyvinski, Aleh - In: Econometrica 82 (2014) 3, pp. 1055-1091
The paper studies how asset prices are determined in a decentralized market with asymmetric information about asset values. We consider an economy in which a large number of agents trade two assets in bilateral meetings. A fraction of the agents has private information about the asset values. We...