search query: @author Gale, D. / total: 15
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| Author: | Gale, D. |
| Title: | Equilibria and Pareto optima of markets with adverse selection |
| Journal: | Economic Theory
1996 : VOL. 7:2, p. 207-236 |
| Index terms: | MARKETS ADVERSE SELECTION ECONOMICS |
| Language: | eng |
| Abstract: | This paper examines the efficiency properties of competitive equilibrium in an economy with adverse selection. The agents (firms and households) in this economy exchange contracts, which specify all the relevant aspects of their interaction. Markets are assumed to be complete, in the sense that all possible contracts can, in principle, be traded. Since prices are specified as part of the contract, they cannot be used as free parameters to equate supply and demand in the market for the contract. |
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