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Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance (Springer Finance)
Product ID : 18967011
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18967011
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About Incomplete Information And Heterogeneous Beliefs In
After a brief review of the existing incomplete information literature, the effect of incomplete information on investors' exptected utility, risky asset prices, and interest rates is described. It is demonstrated that increasing the quality of investors' information need not increase their expected utility and the prices of risky assets. The impact of other factors is discussed in detail. It is also demonstrated that financial markets in general do not aggregate information efficiently, a fact that can explain the equity premium puzzle.
