| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7031 |
| DP7031 Development and Growth in Mineral-Rich Countries | |
| Thorvaldur Gylfason | |
| 发表日期 | 2008-11-03 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In a standard financial market model with asymmetric information with a finite number N of risk-averse informed traders, competitive rational expectations equilibria provide a good approximation to strategic equilibria as long as N is not too small: equilibrium prices in each situation converge to each other at a rate of 1/N as the market becomes large. The approximation is particularly good when the informationally adjusted risk bearing capacity of traders is not very large. This is not the case if informed traders are close to risk neutral. Both equilibria converge to the competitive equilibrium of an idealized limit continuum economy as the market becomes large at a slower rate of 1/ root N and, therefore, the limit equilibrium need not be a good approximation of the strategic equilibrium in moderately large markets. |
| 主题 | Financial Economics |
| 关键词 | "schizophrenia" problem Strategic equilibrium Large markets Information acquisition Free entry Rate of convergence |
| URL | https://cepr.org/publications/dp7031 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535868 |
| 推荐引用方式 GB/T 7714 | Thorvaldur Gylfason. DP7031 Development and Growth in Mineral-Rich Countries. 2008. |
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