📚 Thanks for reading. Here is a full paper: papers.ssrn.com/sol3/papers.... More about my research: mikhalishchev.online 8/8

⏱️ Counter-intuitive finding: Cheaper information doesn't always speed up price discovery. For some securities, it can actually slow things down! 7/8

🎯 Technical achievement: Despite combining both partitions & Blackwell experiments (rarely done!), the paper delivers crisp results: a complete, easy-to-distinguish classification of securities into 3 classes. This beats previous work where separable securities were hard to identify! 6/8

💡 Think of it like this: Even a small decrease in information costs can suddenly make a market way more efficient at revealing the true value of assets.
⚠️ Plot twist: Some securities NEVER aggregate information well, even with super cheap information. 5/8

🔍 This isn't gradual - there's a sharp "transition" where securities suddenly become good at aggregating information after information costs drop below a threshold. 4/8

📊 Key Finding #1: As information becomes cheaper, almost ALL securities become better at aggregating information. This is huge for market efficiency! 3/8

🤔 Most financial markets are supposed to aggregate traders' private information through prices. But there's a catch: this only works for very specific types of securities. Not great for market designers! 2/8

I'd be happy to be added. Thanks for doing this.