General Competitive Analysis with Asymmetric Information
This paper studies competitive equilibria in economies characterized by the presence of asymmetric information (both of the moral hazard and the adverse selection type). We consider economies where non-exclusive contracts (securities) with payoffs dependent on the agents' private information are traded on competitive markets. It is shown that the existence of competitive equilibria is not guaranteed under the dame set of assumptions as with symmetric information.
|Date of creation:||1997|
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