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"When and how well do markets aggregate information spread among rational participants? Xavier Vives offers the first unified treatment of all major answers, some from his own recent research, to these important questions. Relying on elementary methods and linear-quadratic models, he succeeds in conveying even to the nonspecialist reader the essence of the most sophisticated results."--Bernard Lebrun, York University
"Thoughtful and persuasive. The book is ambitious in its scope. It will be a reference for PhD-level courses in microeconomics, financial economics, and some parts of industrial organization. This is an important book."--Hyun Song Shin, Princeton University