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On "Acquisition of Information in Financial Markets"

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  • Christophe Chamley

Abstract

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. Copyright 2008, Wiley-Blackwell.

Suggested Citation

  • Christophe Chamley, 2008. "On "Acquisition of Information in Financial Markets"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 75(4), pages 1081-1084.
    • Handle: RePEc:oup:restud:v:75:y:2008:i:4:p:1081-1084
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    File URL: http://hdl.handle.net/10.1111/j.1467-937X.2008.00502.x
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    Cited by:

    1. Manzano, Carolina & Vives, Xavier, 2011. "Public and private learning from prices, strategic substitutability and complementarity, and equilibrium multiplicity," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 346-369.
    2. Mele, Antonio & Sangiorgi, Francesco, 2009. "Ambiguity, information acquisition and price swings in asset markets," LSE Research Online Documents on Economics 24424, London School of Economics and Political Science, LSE Library.

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