Endogenous Information: The role of Sequential Trade and Financial Participation

• Autores: Sebastian Cea Echenique, Carlos Hervés Beloso, Juan Pablo Torres-Martínez
• Localización: Working paper series ( RGEA ), Nº. 7, 2012
• Idioma: inglés
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• Resumen

  • We develop a general equilibrium model with differential information and incomplete ffinancial participation. Agents endogenously update information from commodity prices and ffinancial contracts. Without require ffinancial survival assumptions, we prove equilibrium existence in a model where the heterogeneity of preferences across states of nature may depends on available information.