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A new equilibrium in the one-sided asymmetric information market with pairwise meetings

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  • Isaac, Tanguy

Abstract

We reconsider the model used by 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.

Suggested Citation

  • Isaac, Tanguy, 2011. "A new equilibrium in the one-sided asymmetric information market with pairwise meetings," Mathematical Social Sciences, Elsevier, vol. 61(3), pages 152-156, May.
    • Handle: RePEc:eee:matsoc:v:61:y:2011:i:3:p:152-156
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    References listed on IDEAS

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    1. ISAAC, Tanguy, 2010. "Information revelation in markets with pairwise meetings: complete revelation in dynamic analysis," LIDAM Reprints CORE 2226, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Piero Gottardi & Roberto Serrano, 2005. "Market Power And Information Revelation In Dynamic Trading," Journal of the European Economic Association, MIT Press, vol. 3(6), pages 1279-1317, December.
    3. Oved Yosha & Roberto Serrano, 1996. "Welfare analysis of a market with pairwise meetings and asymmetric information (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(1), pages 167-175.
    4. Wolinsky, Asher, 1990. "Information Revelation in a Market with Pairwise Meetings," Econometrica, Econometric Society, vol. 58(1), pages 1-23, January.
    5. Max R. Blouin & Roberto Serrano, 2001. "A Decentralized Market with Common Values Uncertainty: Non-Steady States," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 68(2), pages 323-346.
    6. ISAAC, Tanguy, 2006. "Information revelation in markets with pairwise meetings: dynamic case with constant entry flow," LIDAM Discussion Papers CORE 2006048, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    7. Serrano, Roberto & Yosha, Oved, 1993. "Information Revelation in a Market with Pairwise Meetings: The One Sided Information Case," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 481-499, July.
    8. Gale, Douglas, 1987. "Limit theorems for markets with sequential bargaining," Journal of Economic Theory, Elsevier, vol. 43(1), pages 20-54, October.
    9. Isaac Tanguy, 2010. "Information Revelation in Markets with Pairwise Meetings: Complete Revelation in Dynamic Analysis," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-17, January.
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