After a brief review of the existing incomplete information
literature, the effect of incomplete information on investors'
exptected utility, risky asset prices, and interest rates is
described. It is demonstrated that increasing the quality of
investors' information need not increase their expected utility and
the prices of risky assets. The impact of other factors is
discussed in detail. It is also demonstrated that financial markets
in general do not aggregate information efficiently, a fact that
can explain the equity premium puzzle.
General
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