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Competing Mechanisms in Markets for Lemons

Piero Gottardi (EUI, Florence)

12 décembre 2017  -  11:00-12:30, salle Extranef 109

Host(s): Luis Santos Pinto

We study the competitive equilibria in a decentralized market with adverse selec-

tion, where uninformed buyers post general trading mechanisms and informed sellers

select one of them. We show that this has di erent, signi cant implications with re-

spect to the traditional approach, based on bilateral contracting between the parties:

in equilibrium all buyers post the same mechanism and low quality sellers receive pri-

ority in any meeting with a buyer. Also, buyers make strictly higher pro ts with low

than with high type sellers. When adverse selection is severe, the equilibrium features

rationing and is constrained inecient. Compared to the equilibrium with bilateral

contracting, the equilibrium with general mechanisms yields a higher surplus for most,

but not all, parameter speci cations. Hence in some situations restricting the set of

available mechanisms is welfare improving.

Liste des prochaines séances

1er mars 2018 Economic incentives and gender identity
Andrea Ichino (EUI Florence)
Host(s): Elena Esposito
11:00-12:30, salle Extranef 110

click here [↓] to go to the attached pdf

Plus d'information
21 mars 2018 Yves Sprumont (Université de Montréal)
Host(s): Bettina Klaus
11:00-12:30, salle Extranef 109

click here [↓] to go to the attached pdf
19 avril 2018 Nicole Maestas (Harvard University)
Host(s): Jürgen Maurer
11:00-12:30, salle Extranef 109

click here [↓] to go to the attached pdf
16 mai 2018 Rakesh Vohra (Univ. of Pennsylvania)
Host(s): Bettina Klaus
11:00-12:30, salle Extranef 109

click here [↓] to go to the attached pdf
31 mai 2018 Monika Piazzesi (Stanford University)
Host(s): Jean-Paul Renne
11:00-12:30, salle Extranef 125

click here [↓] to go to the attached pdf
7 juin 2018 Eleonora Patacchini (Cornell University)
Host(s): Rafael Lalive
11:00-12:30, salle Extranef 126

click here [↓] to go to the attached pdf
>> Liste des séances précédentes
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