Information aggregation in competitive markets

被引：7

作者：

Siga, Lucas ^{[1
]}

Mihm, Maximilian ^{[1
]}

机构：

[1] New York Univ Abu Dhabi, Div Social Sci, Abu Dhabi, U Arab Emirates

来源：

THEORETICAL ECONOMICS | 2021年 / 16卷 / 01期

关键词：

Auctions; betweenness; competitive markets; information aggregation; rational expectations equilibrium; C72; D44; D82; D83; G14; RATIONAL-EXPECTATIONS; AUCTIONS; FAILURE;

D O I：

10.3982/TE3559

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our main result identifies a property of information-the betweenness property-that is both necessary and sufficient for information aggregation. The characterization provides novel predictions about equilibrium prices in complex, multidimensional environments.

引用

页码：161 / 196

页数：36

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