G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7031
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
URLhttps://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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