Partnerships, lemons and efficient trade


Moldovanu, Benny ; Fieseler, Karsten ; Kittsteiner, Thomas

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URL: https://ub-madoc.bib.uni-mannheim.de/2808
Additional URL: http://www.econ2.uni-bonn.de/pdf/papers/lemon.pdf
URN: urn:nbn:de:bsz:180-madoc-28089
Document Type: Working paper
Year of publication: 2001
The title of a journal, publication series: Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
Volume: 01-18
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Subject headings (SWD): Partnerschaftsgesellschaft , Verhandlungstheorie , Asymmetrische Information , Vertrag
Abstract: We analyze the possibility of efficient trade with informationally interdependent valuations and with a dispersed ownership. A crucial role is played by the sign of the derivatives that measure how valuation functions depend on others’ signals. If valuations are increasing functions of other agents’ signals, it is more difficult to achieve efficient trade with interdependent values than with private values (where the respective derivatives are zero.) In contrast, if valuations are decreasing functions of other agents’ signals, it is easier to achieve efficient trade with interdependent values. Our results unify and generalize the insights of Cramton et al. [1987], Myerson and Satterthwaite [1983], and Akerlof [1970].
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Moldovanu, Benny ; Fieseler, Karsten ; Kittsteiner, Thomas (2001) Partnerships, lemons and efficient trade. Open Access Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung Mannheim 01-18 [Working paper]
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