The negative value of public information in the Glosten–Milgrom model
Economics Letters, 2014, vol. 124, issue 2, 207-210
In the standard market-microstructure model of Glosten and Milgrom (1985), public information can have negative social value. Equivalently, an increase in informational asymmetry can raise the total surplus from trade.
Keywords: Market microstructure; Negative social value of public information; Glosten–Milgrom (search for similar items in EconPapers)
JEL-codes: D02 D40 G14 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:124:y:2014:i:2:p:207-210
Access Statistics for this article
Economics Letters is currently edited by Economics Letters Editorial Office
More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().