Eliciting traders' knowledge in "frictionless" asset market
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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- Ostroy, Joseph M & Starr, Ross M, 1974.
"Money and the Decentralization of Exchange,"
Econometric Society, vol. 42(6), pages 1093-1113, November.
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- Edward J. Green, 1994. "Individual Level Randomness in a Nonatomic Population," GE, Growth, Math methods 9402001, EconWPA.
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