DECENTRALIZED TRADING WITH PRIVATE INFORMATION

被引：32
|
作者：
Golosov, Mikhail [1 ]
Lorenzoni, Guido [2 ]
Tsyvinski, Aleh [3 ]
机构：
[1] Princeton Univ, Dept Econ, Princeton, NJ 08544 USA
[2] Northwestern Univ, Dept Econ, Evanston, IL 60208 USA
[3] Yale Univ, Dept Econ, New Haven, CT 06511 USA
来源：
ECONOMETRICA | 2014年 / 82卷 / 03期
基金：
美国国家科学基金会;
关键词：
Information revelation; bilateral trading; over-the-counter markets; THE-COUNTER MARKETS; PERCOLATION; COMPETITION; LIQUIDITY;
D O I：
10.3982/ECTA8911
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper studies how asset prices are determined in a decentralized market with asymmetric information about asset values. We consider an economy in which a large number of agents trade two assets in bilateral meetings. A fraction of the agents has private information about the asset values. We show that, over time, uninformed agents can elicit information from their trading partners by making small offers. This form of experimentation allows the uninformed agents to acquire information as long as there are potential gains from trade in the economy. As a consequence, the economy converges to a Pareto efficient allocation.
引用
收藏
页码：1055 / 1091
页数：37
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