Strategic complementarity of information acquisition in a financial market with discrete demand shocks
Pré-publication, Document de travail: A simple model of financial market with rational learning and without friction is presented in which the value of private information increases with the mass of informed individuals, contrary to the property presented by Grossman and Stiglitz (1980). The key assumption is the possibility of independent discrete shocks on the fundamental value and on an exogenous demand.
Mots-clés JEL
Mots-clés
- Endogenous information
- Strategic complementarity
- Financial markets
- Aggregation of information
Référence interne
- PSE Working Papers n°2007-45
URL de la notice HAL
Version
- 1