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Market Selection and Asymmetric Information

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Author Info
George J. Mailath
Alvaro Sandroni

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Abstract

Do investors making complementary investments face the correct incentives, especially when they cannot contract with each other prior to their decisions? We present a two-sided matching model in which buyers and sellers make investments prior to matching. Once matched, buyer and seller bargain over the price, taking into account outside options. Efficient decisions can always be sustained in equilibrium. We characterize the inefficiencies that can arise in equilibrium, and show that equilibria will be constrained efficient. We also show that the degree of diversity in a large market has implications for the extent of any inefficiency.

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Paper provided by University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences in its series CARESS Working Papres with number mkt-selection.

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Date of creation: 14 Jun 2000
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Handle: RePEc:wop:pennca:mkt-selection

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  1. Emanuela Sciubba, 2006. "The evolution of portfolio rules and the capital asset pricing model," Economic Theory, Springer, vol. 29(1), pages 123-150, September. [Downloadable!] (restricted)
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This page was last updated on 2009-11-1.

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