Max Blouin (Université du Québec à Montréal - CIRPEE and Department of Economics) Jean-Marc Bourgeon (Department of Economics, Ecole Polytechnique - CNRS : UMR7176 - Polytechnique - X, Institut National de la Recherche Agronomique - INRA)
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We examine an economy where professionals provide services to clients and where a professional can sell his practice to another. Professionals vary in quality, and clients in their need (or willingness-to-pay) for high-quality service. efficiency is measured as the number of matches between high-quality professionals and high-need clients. However, agent types are unobservable a priori. We find that trade in practices can facilitate the transmission of information about agent types; sometimes full efficiency is achieved. In cases where it is not, a tax on the sale of practices (based on the seller's age) can be used to achieve full efficiency. In addition, a ceiling on the price of services can be used to adjust the distribution of surplus between clients and professionals, while preserving efficiency.
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hal-00360512_v1.
Length: Date of creation: Jun 2008 Date of revision: Handle: RePEc:hal:wpaper:hal-00360512_v1
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[Downloadable!]
Other versions:
Hendrik Hakenes & Martin Peitz, 2007.
"Observable Reputation Trading,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(2), pages 693-730, 05.
[Downloadable!] (restricted)
George J. Mailath & Larry Samuelson, .
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Other versions:
George J. Mailath & Larry Samuelson, 2000.
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CARESS Working Papres
sell-rep, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
[Downloadable!]