Markets for information: Of inefficient firewalls and efficient monopolies
نویسندگان
چکیده
منابع مشابه
Markets for information: Of inefficient firewalls and efficient monopolies
In this paper we study market environments where information is costly to acquire and is also useful to potential competitors. Agents may sell, or buy, reports over the information acquired and choose their trades in the market on the basis of what they learnt. Reports are unverifiable cheap-talk messages hence the quality of the information transmitted depends on the conflicts of interest face...
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Models Traders' values and information typically consist of both private and commonvalue elements. In such environments, full allocative efficiency is impossible when the private rate of information substitution differs from the social rate (Jehiel and Moldovanu, 2001). We link this impossibility result to a failure of the efficient market hypothesis, which states that prices adequately reflect...
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Previous literature shows that contracting frictions may preclude valuable cooperation between innovators and commercializers in Markets for Technology. This literature, however, does not address the question of how large the implied inefficiency is. Focusing on licensing-based cooperation in the pharmaceutical industry and the enactment of the Medicare Part D program (which implied a large dow...
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ژورنال
عنوان ژورنال: Games and Economic Behavior
سال: 2014
ISSN: 0899-8256
DOI: 10.1016/j.geb.2013.10.008