Asset Markets With Heterogeneous Information
نویسندگان
چکیده
منابع مشابه
Asset Markets with Heterogeneous Information
This paper studies competitive equilibria of economies where assets are heterogeneous and traders have heterogeneous information about them. Markets are defined by a price and a procedure for clearing trades and any asset can in principle be traded in any market. Buyers can use their information to impose acceptance rules which specify which assets they are willing to trade in each market. The ...
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Trading volume of infinitely lived securities, such as equity, is generically zero in Lucas asset-pricing models with heterogeneous agents. More generally, the end-of-period portfolio of all securities is constant over time and states in the generic economy. General equilibrium restrictions rule out trading of equity after an initial period. This result contrasts the prediction of portfolio all...
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ژورنال
عنوان ژورنال: Econometrica
سال: 2016
ISSN: 0012-9682
DOI: 10.3982/ecta12099