The study found that in asset and information markets, predictions of the noisy rational expectations model are quite accurate. When information about an asset's uncertain dividend is sold to the highest bidders, prices, allocations, and efficiency are better predicted by the full revelation rational expectations model than the Walrasian model. Demand for information decreases and its price approaches zero. When the price of information is fixed, the number of informed agents and the informativeness of the asset market adjust to allow information buyers to recover their investment.