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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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| Main Authors: | , |
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| Formato: | Artigo |
| Idioma: | Inglês |
| Publicado em: |
2011
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| Assuntos: | |
| Acesso em linha: | 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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