Complementarities, Multiplicity, and Supply Information
证明，当交易者能获取关于股票收益和供给的私人信息时，信息获取存在互补性，金融和信息市场可能出现多重均衡，这有助于解释过度波动和崩盘现象。
If traders can obtain private information about the payoff and the supply of a stock then there can exist (i) complementarity in information acquisition and (ii) multiple equilibria in the financial and information markets. The additional dimension of supply information increases coordination possibilities in the financial market, leading to multiple equilibria. The existence of two information sources can lead to information acquisition being complementary. The multiplicity of equilibria is suggestive of excess volatility and crashes. The different financial market equilibria imply differing patterns of cost of capital and volume of trade. © 2009 by the European Economic Association.