Affiliation:
1. Division of Social Science, New York University Abu Dhabi
Abstract
We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our main result identifies a property of information—the betweenness property—that is both necessary and sufficient for information aggregation. The characterization provides novel predictions about equilibrium prices in complex, multidimensional environments.
Subject
General Economics, Econometrics and Finance
Cited by
9 articles.
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