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- W1551815368 abstract "The role of a complete information system as a key determinant of an efficient market structure, and in particular the welfare implications of information, has been widely investigated over the last few decades. These studies have revealed the ambiguous effect information has on economic welfare in the presence of risky markets (Hirshleifer, 1971; Green, 1981; Campbell, 2001; Schlee, 2001; Eckwert and Zilcha, 2003). Grossman and Stiglitz, in a seminal work from 1976, demonstrate the hypothesis that information spreads through the market by informed agents to uninformed ones. This, in turn, implies that the price is presumed to aggregate correctly and efficiently all private information. This idea was at the heart of the efficient market theory (Fama, 1970). Economists typically maintain that the market aggregates information correctly. Nevertheless, Grossman and Stiglitz establish this hypothesis using a set of paradoxes. They argue that if the information is not aggregated efficiently and correctly then there is room for extra profit out of the uninformed agents. Informed agents can gain from their advantage by interacting with uninformed agents. However, once the market is in equilibrium, there are no profits to be made – neither from trading nor from the purchase of information. Furthermore, uninformed individuals (those who have not purchased information) can infer the information that the informed individuals have obtained by observing the market price. As Grossman and Stiglitz put it: “... the price system conveys all the information from the informed individuals to the uninformed” (1976: 246). This kind of argument is based on the equilibrium of markets and not on the process of adjustment itself. In fact, markets have been proved to be" @default.
- W1551815368 created "2016-06-24" @default.
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- W1551815368 date "2004-07-20" @default.
- W1551815368 modified "2023-09-27" @default.
- W1551815368 title "INVESTIGATING THE EFFECTS OF INFORMATION ON INCOME DISTRIBUTION USING EXPERIMENTAL DATA" @default.
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