A new equilibrium in the one-sided asymmetric information market with pairwise meetings
AbstractWe reconsider the model used byÂ Serrano and Yosha (1993) who were interested in information revelation in markets with pairwise meetings. We prove that there exists an additional equilibrium not detected in the original paper and show that this equilibrium is characterized by incomplete revelation of information which was not the case of the other already identified equilibria of the model.
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Bibliographic InfoArticle provided by Elsevier in its journal Mathematical Social Sciences.
Volume (Year): 61 (2011)
Issue (Month): 3 (May)
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Web page: http://www.elsevier.com/locate/inca/505565
Information revelation Asymmetric information Decentralized trade;
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