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Eductive stable transmission of information though prices: A brief review of results

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Roger Guesnerie
Gabriel Desgranges

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Abstract

The paper provides a brief review of existing results on the transmission of information through prices, when the revealing equilibria have to fit a criterion of "eductive stability". The work under review often suggests that, at odds with the "efficient market hypothesis", the plausibility of equilibria, according to the criterion, decreases when equilibria transmit too much information.

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Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2004-23.

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Date of creation: 2004
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Publication status: Forthcoming in Assessing Rational Expectations: "eductive" stability in economics, MIT Press
Handle: RePEc:del:abcdef:2004-23

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  1. Grossman, Sanford J & Stiglitz, Joseph E, 1976. "Information and Competitive Price Systems," American Economic Review, American Economic Association, vol. 66(2), pages 246-53, May.
  2. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 14-33, June. [Downloadable!] (restricted)
  3. Nielsen, Lars Tyge, 1996. "Common knowledge: The case of linear regression," Journal of Mathematical Economics, Elsevier, vol. 26(3), pages 285-304. [Downloadable!] (restricted)
  4. Gabriel Desgranges & Pierre-Yves Geoffard & Roger Guesnerie, 2003. "Do Prices Transmit Rationally Expected Information?," Journal of the European Economic Association, MIT Press, vol. 1(1), pages 124-153, 03. [Downloadable!] (restricted)
  5. Desgranges, G. & Guesnerie, R., 1996. "Common knowledge and the information revealed through prices: some conjectures," DELTA Working Papers 96-22, DELTA (Ecole normale supérieure).
  6. Green, Jerry, 1977. "The Non-existence of Informational Equilibria," Review of Economic Studies, Blackwell Publishing, vol. 44(3), pages 451-63, October. [Downloadable!] (restricted)
  7. Gabriel Desgranges, 2000. "CK-Equilibria and Informational Efficiency in a Competitive Economy," Econometric Society World Congress 2000 Contributed Papers 1296, Econometric Society. [Downloadable!]
  8. Laffont, Jean-Jacques M, 1985. "On the Welfare Analysis of Rational Expectations Equilibria with Asymmetric Information," Econometrica, Econometric Society, vol. 53(1), pages 1-29, January. [Downloadable!] (restricted)
  9. Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-35, November. [Downloadable!] (restricted)
  10. R. Guesnerie, 2002. "Anchoring Economic Predictions in Common Knowledge," Econometrica, Econometric Society, vol. 70(2), pages 439-480, March. [Downloadable!] (restricted)
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  11. Kyle, Albert S, 1989. "Informed Speculation with Imperfect Competition," Review of Economic Studies, Blackwell Publishing, vol. 56(3), pages 317-55, July. [Downloadable!] (restricted)
  12. Vives, Xavier, 1993. "How Fast Do Rational Agents Learn?," Review of Economic Studies, Blackwell Publishing, vol. 60(2), pages 329-47, April. [Downloadable!] (restricted)
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  13. Hellwig, Martin F., 1980. "On the aggregation of information in competitive markets," Journal of Economic Theory, Elsevier, vol. 22(3), pages 477-498, June. [Downloadable!] (restricted)
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