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| Author: | Blouin, M.R. Serrano, R. |
| Title: | A decentralized market with common values uncertainty: non-steady states |
| Journal: | Review of Economic Studies
2001 : APR, VOL. 68:2(235), p. 323-346 |
| Index terms: | DECENTRALISATION EQUILIBRIUM ANALYSIS UNCERTAINTY |
| Language: | eng |
| Abstract: | The authors analyse a market where (i) trade proceeds by random and anonymous pairwise meetings with bargaining; (ii) agents are asymmetrically informed about the value of the traded good; and (iii) no new entrants are allowed once the market is open. The authors show that information revelation and efficiency never obtain in equilibrium, even as discounting is removed. Ths holds whether the asymmetry is two-sided or one-sided. |
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