Markets and Contracts By
نویسندگان
چکیده
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries on contracts; this is in common with economies with default, incomplete contracts or price rigidities. Competitive equilibria exist and anonymousmarkets are viable. But, for a generic economy, competitive equilibrium allocations are constrained suboptimal: there exist Pareto improving interventions via linear, anonymous taxes. © 2011 Elsevier B.V. All rights reserved. 52 82 eywords: symmetric information ompetitive markets
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تاریخ انتشار 2011