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Competitive Equilibria with Asymmetric Information: Existence with Entry Fees

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Author Info
Bisin, A.
Gottardi, P.

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Abstract

This paper studies competitive equilibria in economies characterized by the presence of asymmetric information, where non-exclusive contracts with payoffs dependent on the agents' private information are traded on competitive markets. For such economies competitive equilibria may not exist with linear prices. We show that (non-trivial) competitive equilibria exist, under general conditions, with two part tariffs, i.e. if the cost of trading each contract consists of an entry fee and a linear component in the quantity traded.

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File URL: http://econ.as.nyu.edu/docs/IO/9186/RR99-03.PDF
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Publisher Info
Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 99-03.

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Length: 22 pages
Date of creation: 1999
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Handle: RePEc:cvs:starer:99-03

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Related research
Keywords: GENERAL EQUILIBRIUM ; ASYMMETRIC INFORMATION ; COMPETITION;

Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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This page was last updated on 2009-11-25.

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