Market for Information: Experimental Evidence
实验室实验发现，噪声理性预期均衡模型能较准确预测资产和信息市场。当信息卖给最高出价者时，完全揭示理性预期均衡模型优于瓦尔拉斯模型；信息需求左移，价格趋近零。固定高信息价格时，知情者数量和资产市场信息量调整以回收投资。
Predictions of the noisy rational expectations equilibrium (REE) model are found to be relatively accurate for both asset and information markets in the laboratory. When information about an asset's uncertain dividend is sold to a fixed number of highest bidders, prices, allocations, efficiency, and distribution of profit predictions of the full revelation REE model in the asset market dominate the predictions of the Walrasian model; demand for information shifts to the left and its price declines close to zero. When the price of information is fixed at a relatively high level, the number of informed agents and the informativeness of the asset market tends to adjust to permit the informed agents to recover their investment in information.