Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/28144 
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dc.contributor.authorDesgranges, Gabrielen
dc.contributor.authorHeinemann, Maiken
dc.date.accessioned2006-08-02-
dc.date.accessioned2009-10-01T15:01:32Z-
dc.date.available2009-10-01T15:01:32Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/28144-
dc.description.abstractThis paper analyzes conditions for existence of a strongly rational expectations equilibrium (SREE) in models with private information, where the amount of private information is endogenously determined. It is shown that the conditions for existence of a SREE known from models with exogenously given private information do not change as long as it is impossible to use the information transmitted through market prices. In contrast, these conditions are too weak, when there is such learning from prices. It turns out that the properties of the function which describes the costs that are associated with the individual acquisition of information are important in this respect. In case of constant marginal costs, prices must be half as informative than private signals in order for a SREE to exist. An interpretation of this result that falls back on the famous Grossman–Stiglitz–Paradox is also given.en
dc.language.isoengen
dc.publisher|aUniversität Lüneburg, Institut für Volkswirtschaftslehre |cLüneburgen
dc.relation.ispartofseries|aWorking Paper Series in Economics |x9en
dc.subject.jelD82en
dc.subject.jelD83en
dc.subject.ddc330en
dc.subject.keywordEductive Learningen
dc.subject.keywordPrivate Informationen
dc.subject.keywordRational Expectationsen
dc.subject.keywordStrongly Rational Expectations Equilibriumen
dc.subject.stwRationale Erwartungen
dc.subject.stwAsymmetrische Informationen
dc.subject.stwLernprozessen
dc.subject.stwTheorieen
dc.subject.stwGleichgewichten
dc.titleStrongly rational expectations equilibria with endogenous acquisition of information-
dc.type|aWorking Paperen
dc.identifier.ppn511787553en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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