Add to ORKG'No trade' theorems have shown that new information will not lead to trade when agents share the same prior beliefs. This paper explores the structure of no trade theorems with heterogeneous prior beliefs. It is shown how different notions of efficiency under asymmetric information--ex ante, interim, ex post--are related to agents' prior beliefs as well as incentive compatible and public versions of those efficiency concepts. These efficiency results are used to characterize necessary and sufficient conditions on agents' beliefs for no trade theorems in different trading environments. Copyright 1994 by The Econometric Society.
Asymmetric information can impede socially efficient trade in bilateral transactions. This dissertat...
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Asymmetric information can impede socially efficient trade in bilateral transactions. This dissertat...
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Su...
We investigate a common value bilateral bargaining model with two-sided private information and no a...
This paper presents a general framework to understand the possibility of a purely speculative trade ...
\No Trade " Theorems claim that the mere arrival of new information can not induce trade betwee...
We study the proposition that if it is common knowledge that en allocation of assets is ex-ante pare...
We investigate, in a simple bilateral bargaining environment, the extent to which asymmetric informa...
Abstract: The famous no-trade result of Milgrom and Stokey [5] is often used to argue that in ongoin...
The purpose of this study is to identify and analyze inter-temporal trading patterns attributable to...
The no trade principle asserts that risk-neutral agents are not prepared to trade if and only if a c...
In this paper we provide a characterization of the welfare properties of rational expectations equil...
We study the possibility of trade for purely informational reasons. We depart from previous analyses...
We study trading situations in which several principals on one side of the market compete to serve p...
This paper analyzes the dynamic properties of portfolios that sustain dynam-ically complete markets ...
This paper considers an exchange economy under uncertainty with asymmetric information. Uncertainty ...
Asymmetric information can impede socially efficient trade in bilateral transactions. This dissertat...
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Su...
We investigate a common value bilateral bargaining model with two-sided private information and no a...