کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7353100 | 1477053 | 2017 | 43 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Bilateral trading and incomplete information: Price convergence in a small market
ترجمه فارسی عنوان
تجارت دو جانبه و اطلاعات ناقص: همگرایی قیمت در یک بازار کوچک
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We study a model of decentralised bilateral interactions in a small market where one of the sellers has private information about her value. In addition to this seller with private information, there are two identical buyers and another seller, whose valuation is commonly known to be in between the two possible valuations of the seller with private information. We consider an infinite horizon game with simultaneous one-sided offers and simultaneous responses. We construct one particular PBE of the game and show that, as the discount factor goes to 1, prices in all transactions converge to the same value. We then show that this is the case with any stationary equilibrium of the game. That is, the asymptotic outcome is unique across all stationary equilibria.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Games and Economic Behavior - Volume 106, November 2017, Pages 89-113
Journal: Games and Economic Behavior - Volume 106, November 2017, Pages 89-113
نویسندگان
Kalyan Chatterjee, Kaustav Das,