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The Self-Regulation of Private Organised Markets

Author

Listed:
  • Pirrong, S.C.

Abstract

In a Walres-debreu world, all relevant attributes of all traded commodities are completely and costlessly specified, information is symmetric and costless, and all contracts ate costlessly enforced. In the real world in which trade takes place, it is costly to specify and verify commodity attributes, profound information asymmetries can exist, and parties have an incentive to renege opportunistically on their contractual commitments.

Suggested Citation

  • Pirrong, S.C., 1997. "The Self-Regulation of Private Organised Markets," Washington University 97-05, Business, Law and Economics Center, John M. Olin School of Business, Washington University.
    • Handle: RePEc:fth:wablec:97-05
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    More about this item

    Keywords

    INFORMATION ; ECONOMIC MODELS ; CONTRACTS ; COMMODITIES;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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