Information aggregation in competitive markets
研究在拥有大量交易者的拍卖市场中，均衡价格何时能聚合信息，识别出信息的中间性属性是信息聚合的充要条件，为复杂多维环境下的均衡价格提供新预测。
We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our main result identifies a property of information—the betweenness property—that is both necessary and sufficient for information aggregation. The characterization provides novel predictions about equilibrium prices in complex, multidimensional environments.