Imperfect Competition with Separating Exchange Markets
نویسندگان
چکیده
منابع مشابه
Efficiency and imperfect competition with incomplete markets
We deal with the problem of providing incentives for the implementation of constrained optimal outcomes in a two-period economy with incomplete markets. Allowing both for price observation, price-manipulation and a minimal amount of coordination enables to recover (second-best) efficiency at equilibrium, therefore to do better than perfect competition. To make this point, we construct a feasibl...
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Article history: Received 20 June 2011 Available online 28 November 2013 JEL classification: C78 D43 L13
متن کاملSeparating Equilibria with Imperfect Certification
Viscusi (1978) shows how, in markets with quality uncertainty, perfect certification results in separation from top down due to an unraveling process similar to Akerlof (1970). De and Nabar (1991) argue that imperfect certification prevents unraveling so that equilibria with full separation do not exist. This note shows that, if one considers the buyers’ buying decision explicitly, a separating...
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ژورنال
عنوان ژورنال: Journal of Economic Integration
سال: 2002
ISSN: 1225-651X,1976-5525
DOI: 10.11130/jei.2002.17.3.474