no trade theorems
AbstractNo trade theorems represent a class of results showing that, under certain conditions, trade in asset markets between rational agents cannot be explained on the basis of differences in information alone. They pose a challenge to provide a theoretical justification of the high trade volumes observed in financial markets. This article overviews existing no trade theorems and discusses alternative approaches to modelling information-based trade.
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This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2010, 3rd quarter update.
This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:4:year:2010:doi:3833.
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Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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