Centralized vs Decentralized Markets: The Role of Connectivity
We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are...
Information, Market Power and Welfare
We study a financial market in which agents with interdependent values bid for a risky asset. Some agents are privately informed of their own value...
Market Fragmentation and Contagion
We study the transmission of liquidity shocks from one sector of the economy to other sectors in a general equilibrium model with multiple trading...
Information Acquisition with Heterogeneous Valuations
We study the market for a risky asset with heterogeneous valuations. Agents seek to learn about their own valuation by acquiring private information...
Information acquisition, price informativeness, and welfare
Journal of Economic Theory, Volume 177, Pages 558-593.
Information Acquisition, Price Informativeness and Welfare
We consider the market for a risky asset with heterogeneous valuations. Private information that agents have about their own valuation is reflected in...