کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10476316 929719 2005 31 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Strategic noise in competitive markets for the sale of information
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری استراتژی و مدیریت استراتژیک
پیش نمایش صفحه اول مقاله
Strategic noise in competitive markets for the sale of information
چکیده انگلیسی
This paper shows how informed financial intermediaries can reduce their trading competition by designing optimal incentive compatible contracts for the sale of information. With fund management contracts-indirect sale of information-banks can credibly commit to collaborate and add noise into prices. This is a way to circumvent the Grossman and Stiglitz (1980) paradox: when information is costly, by committing to add noise, the banks can recover the cost of collecting information and enter the market. By contrast, when information is costless, even with a large number of sellers of information entering the market prices are not fully informative.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Intermediation - Volume 14, Issue 2, April 2005, Pages 179-209
نویسندگان
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