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Information-Constrained Optima with Retrading: An Externality and Its Market-Based Solution

This paper studies the efficiency of competitive equilibria in environments with a moral hazard problem and unobserved states, both with retrading in ex post spot markets. The interaction between private information problems and the possibility of retrade creates an externality, unless preferences h...

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Sonraí Bibleagrafaíochta
Main Authors: Kilenthong, Weerachart T., Townsend, Robert M.
Formáid: Artigo
Teanga:Inglês
Foilsithe: 2011
Ábhair:
Rochtain Ar Líne:https://ncbi.nlm.nih.gov/pmc/articles/PMC3134304/
https://ncbi.nlm.nih.gov/pubmed/21765540
https://ncbi.nlm.nih.govhttp://dx.doi.org/10.1016/j.jet.2010.11.001
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