Information-based trade

• 成果类型: Article
• 署名作者: Bond, Philip; Eraslan, Huelya
• 署名单位: Johns Hopkins University; University of Pennsylvania
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.03.008
• 发表日期: 2010
• 页码: 1675-1703
• 关键词: information; TRADE; speculative trade; No-trade theorems

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.