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The Self-Regulation of Private Organised Markets

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  • Pirrong, S.C.
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    Abstract

    In a Walres-debreu world, all relevant attributes of all traded commodities are completely and costlessly specified, information is symmetric and costless, and all contracts ate costlessly enforced. In the real world in which trade takes place, it is costly to specify and verify commodity attributes, profound information asymmetries can exist, and parties have an incentive to renege opportunistically on their contractual commitments.

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    Bibliographic Info

    Paper provided by Business, Law and Economics Center, John M. Olin School of Business, Washington University in its series Washington University with number 97-05.

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    Length: 19 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:fth:wablec:97-05

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    Postal: Business, Law and Economics Center, John M. Olin School of Business, Washington University. Campus Box 1133, One Brookings Drive, St. Louis MO 63130-4899.
    Web page: http://www.olin.wustl.edu/ble/
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    Related research

    Keywords: INFORMATION ; ECONOMIC MODELS ; CONTRACTS ; COMMODITIES;

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