We study information aggregation in financial markets. We introduce two new stability concepts: absolute stability … applied to two canonical settings of information aggregation, namely: (i) winner-take-all contracts, where a binary payment …, for historical evidence on the Efficient Markets Hypothesis, and for recent experimental work on information aggregation …

strategic advice to taxpayers. This paper formalizes this role, using a simple asymmetric information model where agents can … purchase full information about the government's enforcement rules. In a competitive market for tax preparation services … evasion by revealing full information about its audit rule …

This paper introduces a new information density indicator to provide a more comprehensive understanding of price … reactions to news and, more specifically, to the sources of jumps in financial markets. Our information density indicator, which …