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| Author: | Janssen, M. C. W. Roy, S. |
| Title: | Dynamic trading in a durable good market with asymmetric information |
| Journal: | International Economic Review
2002 : FEB, VOL. 43:1, p. 257-282 |
| Index terms: | Asymmetric information Consumer durables Consumer markets |
| Language: | eng |
| Abstract: | he authors analyze a dynamic version of the Akerlof-Wilson "lemons" market in a competitive durable good setting. There is a fixed set of sellers with private information about the quality of their wares. The price mechanism sorts sellers of different qualities into different time periods - prices and average quality of goods traded increase over time. Goods of all qualities are traded in finite time. Market failures arises because of the waiting involved - particularly for sellers of better quality. |
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