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Endogenous differential information in financial markets

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Author Info

  • Sebastian cea-Echenique
  • Juan Pablo Torres-Martínez

Abstract

We develop a two period general equilibrium model with incomplete financial markets and differential information. Making endogenous the traditional informational restriction on consumption, we allow agents to obtain information from physical and financial markets. Thus, the investment in financial promises and the trade of commodities in spot markets appear as natural channels to improve the information that an agent has about the realization of future states of nature.

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File URL: http://www.econ.uchile.cl/uploads/publicacion/548e16e02ac176b1a52d2fc21e7f3c0ad5806ded.pdf
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Bibliographic Info

Paper provided by University of Chile, Department of Economics in its series Working Papers with number wp312.

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Length: 18 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:udc:wpaper:wp312

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Web page: http://www.econ.uchile.cl/
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Keywords: Incomplete Markets; Differential information; Enlightening equilibrium.;

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