NDLI: Informed Trading , Investment , and Welfare *

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Informed Trading , Investment , and Welfare *

Content Provider	Semantic Scholar
Author	Rahi, Rohit
Copyright Year	2003
Abstract	Our objective in this article is to set out a framework that allows an analytically rigorous discussion of the costs and benefits of stock market speculation by privately informed traders. In particular, we focus on the role of security prices in aggregating information and thereby influencing the allocation of risk, as well as the allocation of investment resources in the real sector. The effects studied in this article have been identified in the existing literature but have been analyzed individually, using a variety of different models. Our intended contribution is not to point out previously unknown effects but to carry out a complete welfare analysis in a single canonical model. The standard framework for analyzing economic welfare is the Walrasian model with full information (the definitive treatment of full-information welfare economics is Graaff 1957). The competitive rational expectations equilibrium (REE) model is the generalization of this paradigm to asymmetric information. In order to prevent private information from being fully revealed in equilibrium, noise is added to the
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://vishnu.lse.ac.uk/informed_trading.pdf
Language	English
Access Restriction	Open
Subject Keyword	Allocation Canonical model Gated Blood-Pool Imaging Generalization (Psychology) Kind of quantity - Equilibrium Nash equilibrium Personally identifiable information Programming paradigm Software framework Traders benefit
Content Type	Text
Resource Type	Article

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