COMPLEMENTARITIES, MULTIPLICITY, AND SUPPLY INFORMATION

doi:10.1162/JEEA.2009.7.1.90

COMPLEMENTARITIES, MULTIPLICITY, AND SUPPLY INFORMATION

2009-03-01

93

PRE

AI

L

Liyan Yang

DOI：10.1162/JEEA.2009.7.1.90

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If traders can obtain private information about the payoff and the supply of a stock then there can exist (i) complementarity in information acquisition and (ii) multiple equilibria in the financial and information markets. The additional dimension of supply information increases coordination possibilities in the financial market, leading to multiple equilibria. The existence of two information sources can lead to information acquisition being complementary. The multiplicity of equilibria is suggestive of excess volatility and crashes. The different financial market equilibria imply differing patterns of cost of capital and volume of trade. (JEL: D82, D83, G14)

Keyword:

RATIONAL-EXPECTATIONS EQUILIBRIUM

EFFICIENT MARKETS

PRICE MOVEMENTS

TRADING VOLUME

LARGE NUMBERS

ASSET PRICES

MODEL

AGGREGATION

STABILITY

WELFARE

COMPLEMENTARITIES, MULTIPLICITY, AND SUPPLY INFORMATION

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