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Eliciting traders' knowledge in "frictionless" asset market

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  • Edward J. Green

Abstract

Intuitively, a patient trader should be able to make his trading partners compete to reveal whatever information is relevant to their transactions with him. This possibility is examined in the context of a model resembling that of Gale (1986). The main result is that, under assumptions having to do with asset structure and spanning, incentive-compatible elicitation of trading partners’ knowledge is feasible.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 144.

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Date of creation: 1991
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Handle: RePEc:fip:fedmsr:144

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Related research

Keywords: Game theory;

References

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  1. Wolinsky, Asher, 1990. "Information Revelation in a Market with Pairwise Meetings," Econometrica, Econometric Society, vol. 58(1), pages 1-23, January.
  2. Joseph M. Ostroy & Ross M. Starr, 1973. "Money and the Decentralization of Exchange," UCLA Economics Working Papers 041, UCLA Department of Economics.
  3. Edward J. Green, 1994. "Individual Level Randomness in a Nonatomic Population," GE, Growth, Math methods 9402001, EconWPA.
  4. McLennan, Andrew & Sonnenschein, Hugo, 1991. "Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium," Econometrica, Econometric Society, vol. 59(5), pages 1395-1424, September.
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