haku: @author Gottardi, P. / yhteensä: 7
viite: 3 / 7
| Tekijä: | Bisin, A. Gottardi, P. |
| Otsikko: | Competitive equilibria with asymmetric information |
| Lehti: | Journal of Economic Theory
1999 : JUL, VOL. 87:1, p. 1-48 |
| Asiasana: | Theories Equilibrium analysis Moral hazard |
| Kieli: | eng |
| Tiivistelmä: | In this paper, competitive equilibria in economies where agents trade in markets for standardized, non-exclusive financial contracts, under conditions of asymmetric information are examined. The problems for the existence of competitive equilibria in this framework are identified, and shown to be essentially the same under different forms of asymmetric information. It is then shown that a minimal form of non-linearity of prices and the condition that the aggregate return on the individual positions in each contract can be perfectly hedged in the existing markets, ensure the existence of competitive equilibria in the case of both adverse selection and moral hazard. |
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