A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

We study a general static noisy rational expectations model, where investors have private information about asset … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … results enable a precise characterization of whether information acquisition decisions are strategic substitutes or …

activity if and only if the market is (nearly) information efficient. This suggests that information efficiency might be a …-informed agents, the market becomes information efficient when the number of traders with different private information is large … in the gears of financial markets may curb the occurrence of bubbles. -- Interacting agents models ; market efficiency …

public belief, there are strategic complementarities in the acquisition of private information and, if the cost of … information is sufficiently small, a continuum of equilibrium strategies. Imperfect observation of past prices reduces the … different regimes for the evolution of the price, the volume of trade, and information acquisition. …