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A new equilibrium in the one-sided asymmetric information market with pairwise meetings

  • Isaac, Tanguy
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    We reconsider the model used by Serrano and Yosha (1993) who were interested in information revelation in markets with pairwise meetings. We prove that there exists an additional equilibrium not detected in the original paper and show that this equilibrium is characterized by incomplete revelation of information which was not the case of the other already identified equilibria of the model.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0165489611000151
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    Article provided by Elsevier in its journal Mathematical Social Sciences.

    Volume (Year): 61 (2011)
    Issue (Month): 3 (May)
    Pages: 152-156

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    Handle: RePEc:eee:matsoc:v:61:y:2011:i:3:p:152-156
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505565

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    1. Piero Gottardi & Roberto Serrano, 2004. "Market Power and Information Revelation in Dynamic Trading," CESifo Working Paper Series 1300, CESifo Group Munich.
    2. Serrano, Roberto & Yosha, Oved, 1993. "Information Revelation in a Market with Pairwise Meetings: The One Sided Information Case," Economic Theory, Springer, vol. 3(3), pages 481-99, July.
    3. Isaac Tanguy, 2010. "Information Revelation in Markets with Pairwise Meetings: Complete Revelation in Dynamic Analysis," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-17, January.
    4. Max Blouin & Roberto Serrano, 1998. "A Decentralized Market with Common Values Uncertainty: Non-Steady States," Working Papers 98-5, Brown University, Department of Economics, revised 10 Aug 1998.
    5. Serrano, Roberto & Yosha, Oved, 1996. "Welfare Analysis of a Market with Pairwise Meetings and Asymmetric Information," Economic Theory, Springer, vol. 8(1), pages 167-75, June.
    6. Wolinsky, Asher, 1987. "Information Revelation in a Market with Pairwise Meetings," The Warwick Economics Research Paper Series (TWERPS) 284, University of Warwick, Department of Economics.
    7. Douglas Gale, 2010. "Limit theorems for markets with sequential bargaining," Levine's Working Paper Archive 621, David K. Levine.
    8. ISAAC, Tanguy, 2006. "Information revelation in markets with pairwise meetings: dynamic case with constant entry flow," CORE Discussion Papers 2006048, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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