Extrinsic uncertainty and the informational role of prices
成果类型：
Article
署名作者：
Pietra, T; Siconolfi, P
署名单位：
Columbia University; University of Salento
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2326
发表日期：
1997
页码：
154-180
关键词：
摘要：
We study a financial economy with finitely many states of private information. There are two agents, informed and uninformed. We define agents' expectations on future equilibrium prices as a probability distribution over K distinct values, i.e. we introduce K extrinsic events. We show that there are open sets of economies with nonrevealing land also with partially revealing) equilibria: For an appropriate choice of self-fulfilling price expectations, observable equilibrium prices are signal-invariant. (C) 1997 Academic Press.