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

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Authors
Fieseler, Karsten ; Kittsteiner, Thomas ; Moldovanu, Benny
Appears In
Journal of Economic Theory
Subjects
Value (Economics) -- Analysis; Efficient market theory -- Analysis; Economics
Audience
Academic
Summary
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.
Bookmark
http://trove.nla.gov.au/work/40463
Work ID
40463

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