Incomplete markets, allocative efficiency and the information revealed by prices

Alessandro Citanna and Antonio Villanacci ()

GSIA Working Papers from Carnegie Mellon University, Tepper School of Business

Abstract: In this paper we compare rational expectations equilibria with different degrees of information revelation through prices. These equilibria arise in a two-period exchange economy with finitely many states and signals, multiple commodities and incomplete f

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Journal Article: Incomplete Markets, Allocative Efficiency, and the Information Revealed by Prices (2000)
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