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| Author: | Copeland, T. Friedman, D. |
| Title: | The market value of information: some experimental results |
| Journal: | Journal of Business
1992 : APR, VOL. 65:2, p. 241-266 |
| Index terms: | BUSINESS ECONOMICS INFORMATION MARKETS |
| Language: | eng |
| Abstract: | The authors examine the price and allocation of purchased information and of the underlying asset in eight double-auction asset market experiments. Observed outcomes support fully revealing rational expectations in simple environments in which uninformed traders can easily infer the private information of informed traders but support nonrevealing rational expectations in more complex environments. The private value of information is positive in the more complex (noisy) environments. |
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