Decentralized Trading With Private Information
研究在去中心化市场中，拥有私人信息的交易者如何影响资产价格，发现不知情者可通过小额报价从对手方获取信息，最终实现帕累托有效配置。
The paper studies how asset prices are determined in a decentralized market with asymmetric information about asset values. We consider an economy in which a large number of agents trade two assets in bilateral meetings. A fraction of the agents has private information about the asset values. We show that, over time, uninformed agents can elicit information from their trading partners by making small offers. This form of experimentation allows the uninformed agents to acquire information as long as there are potential gains from trade in the economy. As a consequence, the economy converges to a Pareto efficient allocation.