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Information Revelation in a Market with Pairwise Meetings: The One Sided Information Case

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  • Serrano, Roberto
  • Yosha, Oved

Abstract

We study a market with pair wise meetings of agents and with a one sided information asymmetry regarding the state of the world, which may be "low" or "high." We characterize the set of equilibria of the model, and study its behavior as the market becomes approximately friction less. For any one sided information economy there is an equilibrium where trade occurs at the right price (an ex-post individually rational price). Moreover, there is an open set of economies where in all the equilibria trade occurs at the right price.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 3 (1993)
Issue (Month): 3 (July)
Pages: 481-99

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Handle: RePEc:spr:joecth:v:3:y:1993:i:3:p:481-99

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Cited by:
  1. Roberto Serrano, 2000. "Decentralized Information and the Walrasian Outcome:A Pairwise Meetings Market with Private Values," Working Papers 2000-13, Brown University, Department of Economics.
  2. 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.
  3. Roberto Serrano, 2007. "Bargaining," Working Papers 2007-06, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  4. Max Blouin, 2001. "Equilibrium in a Decentralized Market with Adverse Selection," Cahiers de recherche CREFE / CREFE Working Papers 128, CREFE, Université du Québec à Montréal, revised Mar 2001.
  5. Blouin, Max R & Serrano, Roberto, 2001. "A Decentralized Market with Common Values Uncertainty: Non-Steady States," Review of Economic Studies, Wiley Blackwell, vol. 68(2), pages 323-46, April.

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