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Asymmetric information, non-additive expected utility and the information revealed by prices: a simple example

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  • Jean-Marc Tallon

    (MAD - Université Paris 1)

Abstract

In this note we develop a simple example of a model in which agents have asymmetric information, and preferences that are represented by a non-additive expected utility function. Even in the finite case, that is when the equilibrium price function is fully revealing, it can be worth for an a priori uninformed agent to buy some private information, if he is more confident in that information than in the one revealed by the price system

Suggested Citation

  • Jean-Marc Tallon, 1994. "Asymmetric information, non-additive expected utility and the information revealed by prices: a simple example," Cahiers de la Maison des Sciences Economiques 94027, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:mse:wpsorb:94027
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