Creditors often share information about their customers' credit record. Besides helping them to spot bad risks, this …

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 …

that for an Arrow security, a 'small' risk-neutral trader with private information that is conditionally independent of the … public information is exactly indifferent about the timing of his trade: His expected return per dollar invested is a … martingale. This is true despite the fact that he expects the asset price itself to rise given favorable information and fall …