The article explores how having different levels of information affects asset pricing. By assuming that some agents know more about dividends, the study looks at how this impacts their investment decisions. The researchers used projection methods to estimate market prices since a direct solution wasn't possible. They found that when uninformed traders can see the endowment of informed traders, trading doesn't lead to a better outcome for everyone. But if uninformed traders only know their own endowment, informed traders can benefit from trading.