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| Author: | Citanna, A. Villanacci, A. |
| Title: | Incomplete markets, allocative efficiency, and the information revealed by prices |
| Journal: | Journal of Economic Theory
2000 : FEB, VOL. 90:2, p. 222-253 |
| Index terms: | ECONOMIC THEORY ALLOCATION EFFICIENCY |
| Language: | eng |
| Abstract: | The authors compare rational expectations equilibria with different degrees of information revelation through prices. These equilibria arise in a two-period exchange economy with finitely many states and signals, multiple commodities and incomplete financial markets for nominal assets. The authors show that there are always equilibria where information is redundant in the sense of being of no value to the uninformed traders. |
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