Prices, Product Qualities and Asymmetric Information: The Competitive Case
研究在完全竞争市场中，价格能否向不知情者传递产品质量信息，发现理性预期均衡可能不存在，且均衡时价格传递的信息取决于平均成本曲线形状及知情与不知情者的相对数量。
Recent developments in the economics of information emphasize the informational content of prices. We examine the degree to which prices convey information on product quality to uninformed agents. Under perfect competition, we show that a rational expectations equilibrium may not exist. When an equilibrium does exist, the information on quality conveyed by prices depends on the shape of the average cost curves and the relative numbers of informed and uniformed agents.