کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7359157 1478729 2018 42 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Dynamic trading with developing adverse selection
ترجمه فارسی عنوان
تجارت دینامیک با در حال توسعه انتخاب نامناسب
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
We study a dynamic trading game in which the information asymmetry between the agents develops over time. A seller and potential buyers start out symmetrically uninformed about the quality of a good, but the seller becomes informed after the game begins. We show that this developing adverse selection gives rise to novel trading dynamics. In particular, if the seller's learning speed is high, the equilibrium features “collapse-and-recovery” behavior: Both the equilibrium price and the trade probability first drop and then increase over time. While the trade surplus monotonically decreases as the learning speed increases, the seller's surplus may change non-monotonically.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 176, July 2018, Pages 761-802
نویسندگان
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