  We study a continuous time economy where agents have asymmetric information.
The informed agent (``$I$''), at time zero, receives a private signal about the
risky assets' terminal payoff $\Psi(X_T)$, while the uninformed agent (``$U$'')
has no private signal. $\Psi$ is an arbitrary payoff function, and $X$ follows
a time-homogeneous diffusion. Crucially, we allow $U$ to have von
Neumann-Morgenstern preferences with a general utility function on $(0,\infty)$
satisfying the standard conditions. This extends previous constructions of
equilibria with asymmetric information used when all agents have exponential
utilities and enables us to study the impact of $U$'s initial share endowment
on equilibrium. To allow for $U$ to have general preferences, we introduce a
new method to prove existence of a partial communication equilibrium (PCE),
where at time $0$, $U$ receives a less-informative signal than $I$. In the
single asset case, this signal is recoverable by viewing the equilibrium price
process over an arbitrarily short period of time, and hence the PCE is a
dynamic noisy rational expectations equilibrium. Lastly, when $U$ has power
(constant relative risk aversion) utility, we identify the equilibrium price in
the small and large risk aversion limits.
