Endogenous differential information

Sebastián Cea-Echenique; Carlos Hervés-Beloso; Juan Pablo Torres-Martínez

doi:10.1007/s00199-015-0924-5

Endogenous differential information

Sebastián Cea-Echenique^*
, Carlos Hervés-Beloso
, Juan Pablo Torres-Martínez

^*Autor correspondiente de este trabajo

Producción científica: Contribución a una revista › Artículo › revisión exhaustiva

5 Citas (Scopus)

Resumen

We include endogenous differential information in a model with sequential trade and incomplete financial participation. Agents update information through market signals given by commodity prices and asset deliveries. Information acts over admissible strategies and consumption tastes, allowing discontinuities in preferences and choice sets. Therefore, equilibrium may cease to exist. However, internalizing the compatibility between information and consumption through preferences, and without requiring either financial survival assumptions or fully revealing prices, equilibrium existence can be ensured.

Idioma original	Inglés
Páginas (desde-hasta)	51-72
Número de páginas	22
Publicación	Economic Theory
Volumen	63
N.º	1
DOI	https://doi.org/10.1007/s00199-015-0924-5
Estado	Publicada - 1 ene. 2017

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© 2015, Springer-Verlag Berlin Heidelberg.

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10.1007/s00199-015-0924-5

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N2 - We include endogenous differential information in a model with sequential trade and incomplete financial participation. Agents update information through market signals given by commodity prices and asset deliveries. Information acts over admissible strategies and consumption tastes, allowing discontinuities in preferences and choice sets. Therefore, equilibrium may cease to exist. However, internalizing the compatibility between information and consumption through preferences, and without requiring either financial survival assumptions or fully revealing prices, equilibrium existence can be ensured.

AB - We include endogenous differential information in a model with sequential trade and incomplete financial participation. Agents update information through market signals given by commodity prices and asset deliveries. Information acts over admissible strategies and consumption tastes, allowing discontinuities in preferences and choice sets. Therefore, equilibrium may cease to exist. However, internalizing the compatibility between information and consumption through preferences, and without requiring either financial survival assumptions or fully revealing prices, equilibrium existence can be ensured.

KW - Endogenous differential information

KW - Incomplete markets

KW - Rational expectations equilibrium

KW - Restricted participation

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Endogenous differential information

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