Asset Pricing in a Production Economy with Incomplete Information
分析投资者对技术相关状态变量只有部分信息的经济，证明在高斯信息结构下，消费者问题可转化为完全观测状态变量的等价问题，从而经典金融结果在重新解释状态变量后仍然成立。
ABSTRACT This paper analyzes an economy in which investors operate under partial information about technology‐relevant state variables. It is shown that for Gaussian information structures under incomplete observations, the consumer's problem can be transformed into an equivalent program with a completely observed state: the conditional expectation of the underlying unobservable state variables. A consequence of this transformation is that classic results in finance remain valid under an appropriate reinterpretation of the state variables.