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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References listed on IDEAS
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- Wolinsky, Asher, 1990.
"Information Revelation in a Market with Pairwise Meetings,"
Econometric Society, vol. 58(1), pages 1-23, January.
- Wolinsky, Asher, 1987. "Information Revelation in a Market with Pairwise Meetings," The Warwick Economics Research Paper Series (TWERPS) 284, University of Warwick, Department of Economics.
- McLennan, Andrew & Sonnenschein, Hugo, 1991. "Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium," Econometrica, Econometric Society, vol. 59(5), pages 1395-1424, September.
- Joseph M. Ostroy & Ross M. Starr, 1973.
"Money and the Decentralization of Exchange,"
UCLA Economics Working Papers
041, UCLA Department of Economics.
- Edward J. Green, 1994. "Individual Level Randomness in a Nonatomic Population," GE, Growth, Math methods 9402001, EconWPA.
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