Partial information revelation in prices arises naturally from non-exponential utility preferences without any noise, resolving the Grossman-Stiglitz paradox via a Jensen gap in signal aggregation.
Strategic supply function competition with private information
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On the Possibility of Informationally Inefficient Markets Without Noise
Partial information revelation in prices arises naturally from non-exponential utility preferences without any noise, resolving the Grossman-Stiglitz paradox via a Jensen gap in signal aggregation.