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dc.contributor.authorTurinici, Gabriel
HAL ID: 16
ORCID: 0000-0003-2713-006X
dc.contributor.authorHaguet, Eleonore
dc.contributor.authorBialecki, Agnes
dc.date.accessioned2012-09-03T13:16:35Z
dc.date.available2012-09-03T13:16:35Z
dc.date.issued2012
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/9880
dc.language.isoenen
dc.subjectcostly informationen
dc.subjectGrossman-Stiglitz paradoxen
dc.subjectheterogeneous estimationsen
dc.subjectheterogeneous beliefsen
dc.subjectinformation acquisitionen
dc.subject.ddc332en
dc.subject.classificationjelD24en
dc.subject.classificationjelC13en
dc.titleAn equilibrium trading volume model in presence of heterogeneous biased estimations and information acquisition costsen
dc.typeDocument de travail / Working paper
dc.contributor.editoruniversityotherÉcole Nationale de la Statistique et de l'Administration Économique (ENSAE) ENSAE ParisTech;France
dc.contributor.editoruniversityotherÉcole normale supérieure de Lyon (ENS LYON) http://www.ens-lyon.fr/ École Normale Supérieure - Lyon;France
dc.description.abstractenWe consider a two period model in which a continuum of agents trade in a context of costly information acquisition and systematic heterogeneous expectations biases. We show that under very weak technical assumptions a market equilibrium exists and the supply and demand functions are strictly monotonic with respect to the price. The equilibrium price is also shown to be the price that maximizes the trading volume. We prove additional properties such as the anti-monotony of the trading volume with respect to the marginal information price.en
dc.publisher.nameUniversité Paris-Dauphineen
dc.publisher.cityParisen
dc.identifier.citationpages27en
dc.identifier.urlsitehttp://hal.archives-ouvertes.fr/hal-00723189en
dc.subject.ddclabelEconomie financièreen
dc.description.submittednonen


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