Partnerships, Lemons and Efficient Trade Fieseler, Karsten; Kittsteiner, Thomas; Moldovanu, Benny

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Fieseler, Karsten ; Kittsteiner, Thomas ; Moldovanu, Benny
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Journal of Economic Theory
Value (Economics) -- Analysis; Efficient market theory -- Analysis; Economics
The possibility of efficient trade with informational interdependent valuations and with a dispersed ownership are analyzed. The effects of adverse selection on incentive payments and budget constraints play the main role where variations in the degree of interdependence directly influences the incentive payments and ultimately leads to a tightening or relaxation of the budget constraint, thus affecting the ability to achieve efficient trade.
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