Information-based trade |
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| Authors: | Philip Bond |
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| Institution: | a University of Pennsylvania, United States
b Johns Hopkins University, Department of Economics, 3400 N. Charles Street, Baltimore, MD 21218, United States |
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| Abstract: | We study the possibility of trade for purely informational reasons. We depart from previous analyses (e.g. Grossman and Stiglitz (1980) 22] and Milgrom and Stokey (1982) 32]) by allowing the final payoff of the asset being traded to depend on an action taken by its eventual owner. We characterize conditions under which equilibria with trade exist. |
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| Keywords: | D8 G1 |
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