Information-Based Trade
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Finance Papers
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Subject
Economic Theory
Finance
Finance and Financial Management
Finance
Finance and Financial Management
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Author
Bond, Philip
Eraslan, Hülya
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Abstract
We study the possibility of trade for purely informational reasons. We depart from previous analyses (e.g. Grossman and Stiglitz (1980) and Milgrom and Stokey (1982)) by allowing the final payoff of the asset being traded to depend on an action taken by its eventual owner. We characterize conditions under which equilibria with trade exist.
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Publication date
2010-01-01
Journal title
Journal of Economic Theory