On “Acquisition of Information in Financial Markets”
指出Barlevy和Veronesi（2000）关于信息价值随知情者数量增加的论断是错误的，并证明其模型中存在战略替代性质。
In their paper "Information Acquisition in Financial Markets" (this journal, 2000), Barlevy and Veronesi present a model of a one-period financial market, and claim that for an open set of parameter values, the value of information increases with the mass of informed agents. That claim is shown here to be false. The property of strategic substitution is robust in their model.