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The Self-Regulation of Private Organised Markets


  • Pirrong, S.C.


In a Walres-debreu world, all relevant attributes of all traded commodities are completely and costlessly specified, information is symmetric and costless, and all contracts ate costlessly enforced. In the real world in which trade takes place, it is costly to specify and verify commodity attributes, profound information asymmetries can exist, and parties have an incentive to renege opportunistically on their contractual commitments.

Suggested Citation

  • Pirrong, S.C., 1997. "The Self-Regulation of Private Organised Markets," Washington University 97-05, Business, Law and Economics Center, John M. Olin School of Business, Washington University.
  • Handle: RePEc:fth:wablec:97-05

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    References listed on IDEAS

    1. Kroszner, Randall S & Stratmann, Thomas, 1998. "Interest-Group Competition and the Organization of Congress: Theory and Evidence from Financial Services' Political Action Committees," American Economic Review, American Economic Association, vol. 88(5), pages 1163-1187, December.
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    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation


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