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- W3123616276 abstract "We analyze the welfare implications of information aggregation in a trading model where traders have both idiosyncratic endowment risk and asymmetric information about security payoffs. The optimal market size balances two forces: (i) the risk-sharing role of markets, which creates a positive externality amongst traders, against (ii) the information-aggregation role of prices, which leads to prices that are more correlated with security payoffs, thereby undermining the hedging function of markets. Our analysis indicates that a market with infinitely many traders may not be the right welfare benchmark in the presence of risk aversion and information aggregation. (JEL D43, D62, D82, D83)" @default.
- W3123616276 created "2021-02-01" @default.
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- W3123616276 date "2017-11-01" @default.
- W3123616276 modified "2023-09-25" @default.
- W3123616276 title "Welfare Consequences of Information Aggregation and Optimal Market Size" @default.
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- W3123616276 doi "https://doi.org/10.1257/mic.20160010" @default.
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