Information-based trade

被引：16
|
作者：
Bond, Philip [2 ]
Eraslan, Huelya [1 ]
机构：
[1] Johns Hopkins Univ, Dept Econ, Baltimore, MD 21218 USA
[2] Univ Penn, Philadelphia, PA 19104 USA
来源：
JOURNAL OF ECONOMIC THEORY | 2010年 / 145卷 / 05期
关键词：
Information; Trade; Speculative trade; No-trade theorems; ASSET PRICES; MARKET; EQUILIBRIUM; EFFICIENT; MODEL;
D O I：
10.1016/j.jet.2010.03.008
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the possibility of trade for purely informational reasons. We depart from previous analyses (notably 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. A leading example is the trade of a controlling stake in a corporation. We characterize conditions under which equilibria with trade exist. We discuss implications for when trade occurs, the correlation of actions with trade, and the efficiency of equilibrium actions.(C) 2010 Elsevier Inc. All rights reserved.
引用
收藏
页码：1675 / 1703
页数：29
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