Aggregation of Information in Large Cournot Markets

DOI10.2307/1912702zbMath0656.90014OpenAlexW2062261555MaRDI QIDQ3804410

Xavier Vives

Publication date: 1988

Published in: Econometrica (Search for Journal in Brave)

Full work available at URL: https://semanticscholar.org/paper/af9da007a88e73a498f279559a647d44e992fb29

zbMATH Keywords

uncertaintyrational expectationsinformation acquisitionincomplete informationcompetitive marketswelfare lossefficient information aggregationasymptotic properties of Bayesian-Cournot equilibria

Mathematics Subject Classification ID

Trade models (91B60)

Related Items (34)

Bayesian Nash equilibrium and variational inequalities ⋮ Endogenous information acquisition in Bayesian games with strategic complementarities ⋮ Information acquisition and mutual funds ⋮ On the existence of Bayesian Cournot equilibrium ⋮ An informational rationale for action over disclosure ⋮ The interplay between quality improvement and information acquisition in an E-commerce supply chain ⋮ Information, coordination, and market frictions: an introduction ⋮ Cournot competition and the social value of information ⋮ Characterizing social value of information ⋮ Information and strategic behavior ⋮ Information acquisition and welfare in network games ⋮ Information aggregation in a large multi-stage market game ⋮ Forecasting the forecasts of others: implications for asset pricing ⋮ The negative value of private information in illiquid markets ⋮ Analysis of market competition and information asymmetry on selling strategies ⋮ Cooperation in a differentiated duopoly when information is dispersed: a beauty contest game with endogenous concern for coordination ⋮ Prospect theory and market quality ⋮ Modeling large societies: why countable additivity is necessary ⋮ The social value of information and the competition motive: price versus quantity games ⋮ Learning over the business cycle: policy implications ⋮ Aggregation and design of information in asset markets with adverse selection ⋮ Rational quantitative trading in efficient markets ⋮ Efficiency in trading markets with multi-dimensional signals ⋮ Rational destabilization in a frictionless market ⋮ On the Existence of Nash Equilibrium in Bayesian Games ⋮ Snowballing private information ⋮ Technological competition, uncertainty, and oligopoly ⋮ Quantifying and mitigating inefficiency in information acquisition under competition ⋮ The social value of information with an endogenous public signal ⋮ Market inefficiency, entry order and coordination ⋮ Coordination motives and competition for attention in information markets ⋮ Too much waste, not enough rationing: the failure of stochastic, competitive markets ⋮ Information advantage in Cournot oligopoly ⋮ The social value of public information with convex costs of information acquisition

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