| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 957100 | Journal of Economic Theory | 2009 | 14 Pages |
Abstract
Adverse selection economies with private information are generally studied under the assumption that contracts are exclusive. That is, retrading is prohibited. An alternative market mechanism, the anonymous mechanism, is studied here. Risk averse agents trade contingent claims directly and side markets are in equilibrium. The result is the anonymous equilibrium. The anonymous equilibrium results in a set of endogenous transfers and subsidies.
Keywords
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Pamela Labadie,