Article ID Journal Published Year Pages File Type
5059174 Economics Letters 2014 4 Pages PDF
Abstract
In the standard market-microstructure model of Glosten and Milgrom (1985), public information can have negative social value. Equivalently, an increase in informational asymmetry can raise the total surplus from trade.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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The negative value of public information in the Glosten-Milgrom model
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