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Markets and Contracts

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  • Alberto Bisin
  • John Geanakoplos
  • Piero Gottardi
  • Enrico Minelli
  • Heracles Polemarchakis

Abstract

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries on contracts; this is in common with economies with default, incomplete contracts or price rigidities. Competitive equilibria exist and anonymous markets are viable. But, for a generic economy, there exist Pareto improving interventions via linear, anonymous taxes.

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Paper provided by University of Brescia, Department of Economics in its series Working Papers with number 0915.

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Date of creation: 2009
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Handle: RePEc:ubs:wpaper:0915

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