competitive market maker faces n risk neutral traders with unit demands or suppliers. It is private information whether any given …

investigate this question in case that the individual probability functions are based on different information sets. Under … any overlaps between different persons' information sets. The solutions are derived from an axiomatic system that models … parameter-free, and that they incorporate each individual's information although the individuals need not communicate their …

herding occurs as a result of people observing the actions of others and using this information in their own decision rule. …

in credit relationships. Investors are heterogenous since they do not possess identical firm-specific information. We …

information, the superiority and the inferiority information, to derive two types of flows, the superiority flow and the …

This paper argues that the strategic use of debt favours the revelation of information in Dynamic adverse selection …, debt debt encourages a privately informed party to disclose its information at at early stages of a relationship. We … illustrate our point with the finiancingndecisionof a monopolist selling a good to a buyer whose valuationis private information. …