haku: @journal_id 1464 / yhteensä: 220
viite: 149 / 220
| Tekijä: | Trejos, A. |
| Otsikko: | Search, bargaining, money, and prices under private information |
| Lehti: | International Economic Review
1999 : AUG, VOL. 40:3, p. 679-695 |
| Asiasana: | ECONOMICS PRICES MONEY |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a model of money and search where bargaining determines prices and the quality of goods is private information. It studies how a lemons problem affects the purchasing power of money. There are multiple, Pareto-ranked equilibria. The superior equilibrium, where no lemons are produced, exists even if information about quality is relatively scarce. In other equilibria, there is price dispersion, and uninformed buyers pay higher prices than informed buyers for all goods. |
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