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Imperfect Competition and Efficiency in Lemons Markets

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Author Info
Abhinay Muthoo ()
Suresh Mutuswami

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Abstract

This paper studies the impact of competition on the degree of inefficiency in lemons markets. More precisely, we characterize the second-best mechanism (i.e., the optimal mechanism with private information) in a stylized lemons market with finite numbers of buyers and sellers. We then study the relationship between the degree of efficiency of the second-best mechanism and market competitiveness. The relationship between the first-best and second best mechanisms is also explored.

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Paper provided by University of Essex, Department of Economics in its series Economics Discussion Papers with number 631.

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Date of creation: 26 Jun 2007
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Handle: RePEc:esx:essedp:631

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