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Incomplete markets, allocative efficiency and the information revealed by prices

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Alessandro Citanna
Antonio Villanacci

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Abstract

In this paper we compare rational expectations equilibria with different degrees of information revelation through prices. These equilibria arise in a two-period exchange economy with finitely many states and signals, multiple commodities and incomplete f

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Paper provided by Carnegie Mellon University, Tepper School of Business in its series GSIA Working Papers with number 10.

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Handle: RePEc:cmu:gsiawp:10

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  1. Juan Hatchondo, 2004. "The value of information with heterogeneous agents and partially revealing prices," Econometric Society 2004 North American Summer Meetings 175, Econometric Society. [Downloadable!]
  2. Rohit Rahi, 2000. "Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information," Econometric Society World Congress 2000 Contributed Papers 1468, Econometric Society. [Downloadable!]
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This page was last updated on 2009-11-24.

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