Rational Information Choice in Financial Market Equilibrium, by Marc-Andreas Muendler 2005
本文檔由 selives88 分享于2012-03-13 09:13
Adding a stage of signal acquisition to the expected utility model shows that Bayesian updating results in a well defined law of demand for financial information when asset return distributions are conjugate priors to signals such as in the gamma-Poisson case. Signals have a positive marginal utility value that falls in their number if and only if investors are risk averse, asset mar..