以信息为基础的贸易

UBC Winter Finance Conference 2008 (Archive) Pub Date : 2007-10-15 DOI:10.2139/ssrn.961107

P. Bond, Hülya Eraslan

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引用次数: 36

摘要

我们纯粹出于信息方面的原因研究交易的可能性。我们与以往的分析(如Grossman和Stiglitz(1980)[22]和Milgrom和Stokey(1982)[32])不同，允许交易资产的最终收益取决于其最终所有者采取的行动。我们描述了存在贸易均衡的条件。

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Information-Based Trade

We study the possibility of trade for purely informational reasons. We depart from previous analyses (e.g. Grossman and Stiglitz (1980) [22] and Milgrom and Stokey (1982) [32]) 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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来源期刊

UBC Winter Finance Conference 2008 (Archive)

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