Information acquisition, price informativeness, and welfare
研究了异质估值下私人信息获取的学习外部性，发现当信号噪声大时，抑制信息获取可能改善帕累托效率，且信息获取的互补性会导致多重均衡。
We consider the market for a risky asset with heterogeneous valuations. Private information that agents have about their own valuation is reflected in the equilibrium price. We study the learning externalities that arise in this setting, and in particular their implications for price informativeness and welfare. When private signals are noisy, so that agents rely more on the information conveyed by prices, discouraging information gathering may be Pareto improving. Complementarities in information acquisition can lead to multiple equilibria.