Artikel
Information aggregation in competitive markets
We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our main result identifies a property of information---the betweenness property---that is both necessary and sufficient for information aggregation. The characterization provides novel predictions about equilibrium prices in complex, multidimensional environments.
- Sprache
-
Englisch
- Erschienen in
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Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 16 ; Year: 2021 ; Issue: 1 ; Pages: 161-196 ; New Haven, CT: The Econometric Society
- Klassifikation
-
Wirtschaft
Noncooperative Games
Auctions
Asymmetric and Private Information; Mechanism Design
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Information and Market Efficiency; Event Studies; Insider Trading
- Thema
-
Auctions
betweenness
competitive markets
information aggregation
rational expectations equilibrium
- Ereignis
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Geistige Schöpfung
- (wer)
-
Siga, Lucas
Mihm, Maximilian
- Ereignis
-
Veröffentlichung
- (wer)
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The Econometric Society
- (wo)
-
New Haven, CT
- (wann)
-
2021
- DOI
-
doi:10.3982/TE3559
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Siga, Lucas
- Mihm, Maximilian
- The Econometric Society
Entstanden
- 2021
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