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On Signalling and Screening in Markets with Asymmetric Information

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  • Anastasios Dosis

    (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université, ESSEC Business School)

Abstract

This paper studies markets with asymmetric information. When the market is modelled as a standard signalling game, inefficient outcomes arise due to the arbitrariness of off-the-equilibrium path beliefs. Such inefficient outcomes are shown not to arise in a novel game that combines signalling and competitive screening. In this game, the informed party makes an initial offer to all uninformed parties, but the uninformed parties are allowed to make counter-offers after accepting the initial offer. The initial offer serves as a barrier to potential cream-skimming deviations, and hence, equilibrium is shown to generically exist. As such, the paper also contributes to the literature that focuses on laying strategic foundations for efficient competition in competitive screening markets.
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Suggested Citation

  • Anastasios Dosis, 2018. "On Signalling and Screening in Markets with Asymmetric Information," Post-Print hal-02980534, HAL.
    • Handle: RePEc:hal:journl:hal-02980534
    DOI: 10.1016/j.jmateco.2018.01.001
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    Cited by:

    1. Ka Chun Cheung & Sheung Chi Phillip Yam & Fei Lung Yuen & Yiying Zhang, 2025. "Optimal design of reinsurance contracts with a continuum of risk assessments," Papers 2504.17468, arXiv.org, revised Jan 2026.
    2. Dosis, Anastasios, 2019. "Optimal ex post risk adjustment in markets with adverse selection," Journal of Mathematical Economics, Elsevier, vol. 85(C), pages 52-59.
    3. Levy, Yehuda John & Veiga, Andre, 2020. "On the existence of positive equilibrium profits in competitive screening markets," Games and Economic Behavior, Elsevier, vol. 124(C), pages 140-168.
    4. Yuya Wakabayashi, 2024. "An implementation of constrained efficient allocations in hidden information economies," OSIPP Discussion Paper 24E002, Osaka School of International Public Policy, Osaka University.
    5. Orlando Gomes & João Frade, 2019. "“Fool me once, …”: deception, morality and self-regeneration in decentralized markets," Journal of Economics, Finance and Administrative Science, Emerald Group Publishing Limited, vol. 24(48), pages 312-326, April.
    6. Dosis, Anastasios, 2022. "Price caps and efficiency in markets with adverse selection," Journal of Mathematical Economics, Elsevier, vol. 99(C).

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