Journal Article

On “Acquisition of Information in Financial Markets”

Christophe Chamley

in The Review of Economic Studies

Published on behalf of Review of Economic Studies Ltd

Volume 75, issue 4, pages 1081-1084
Published in print October 2008 | ISSN: 0034-6527
Published online October 2008 | e-ISSN: 1467-937X | DOI: http://dx.doi.org/10.1111/j.1467-937X.2008.00502.x
On “Acquisition of Information in Financial Markets”

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In their paper “Information Acquisition in Financial Markets” (this journal, 2000), Barlevy and Veronesi present a model of a one-period financial market, and claim that for an open set of parameter values, the value of information increases with the mass of informed agents. That claim is shown here to be false. The property of strategic substitution is robust in their model.

Keywords: G14

Journal Article.  1463 words.  Illustrated.

Subjects: Economics

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