Aase, Knut K.; Bjuland, Terje; Øksendal, Bernt - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2011
The single auction equilibrium of Kyle's (1985) is studied, in which noise traders may be partially informed, or alternatively they can be manipulated. Unlike Kyle's assumption that the quantity traded by the noise traders is independent of the asset value, we assume that the noise traders are...