Template-Type: ReDIF-Paper 1.0
Title: The Timing of Information in a General Equilibrium Framework
Author-Name: Jonathan Berk

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Abstract: This paper addresses the question of how an endogenously determined 
 information flow effects the model of dynamically complete markets. We find 
 that the model is not robust to the latitude agents have in deciding when 
 information is revealed. We also show that on the announcement of a change 
 in the information flow, in anything but a complete market, prices will 
 adjust to reflect the announcement. Finally, we give an example of a fully 
 rational model in which prices fully reveal all information, and in 
 equilibrium, an agent pays a strictly positive amount for new information.
Series: Sonderforschungsbereich 303, University of Bonn, Germany

Length: 45 pages
Creation-Date: 1990-01
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Handle: RePEc:bon:bonsfa:271