Markets and contracts

Alberto Bisin, John Geanakoplos, Piero Gottardi, Enrico Minelli and Herakles Polemarchakis

No ECO2010/29, Economics Working Papers from European University Institute

Abstract: 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 anonymous markets are viable. But, for a generic economy, there exist Pareto improving interventions via linear, anonymous taxes.

Keywords: asymmetric information; competitive markets; equilibrium (search for similar items in EconPapers)
JEL-codes: D50 D52 D82 (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-cba and nep-cta
References: Add references at CitEc
Citations: View citations in EconPapers (19)

Downloads: (external link)
http://cadmus.eui.eu/dspace/bitstream/1814/14255/1/ECO_2010_29.pdf main text
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://cadmus.eui.eu/dspace/bitstream/1814/14255/1/ECO_2010_29.pdf [301 Moved Permanently]--> https://cadmus.eui.eu/dspace/bitstream/1814/14255/1/ECO_2010_29.pdf)

Related works:
Journal Article: Markets and contracts (2011)
Working Paper: Markets and Contracts (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco2010/29

Access Statistics for this paper

More papers in Economics Working Papers from European University Institute Badia Fiesolana, Via dei Roccettini, 9, 50014 San Domenico di Fiesole (FI) Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Cécile Brière ().