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Public vs. Private Offers in the Market for Lemons

Author

Listed:
  • Johannes Hoerner

    (Kellogg School of Management Northwestern University)

  • Nicolas Vieille

Abstract

We analyze a version of Akerlof's market for lemons in which a sequence of buyers make offers to a long-lived seller endowed with a single unit for sale. We consider both the case in which previous offers are observable and the case in which they are not. When offers are observable, trade may only occur in the first period, so that the resulting inefficiency may be worse than in the static model. In the unobservable case, trade occurs with probability one eventually

Suggested Citation

  • Johannes Hoerner & Nicolas Vieille, 2006. "Public vs. Private Offers in the Market for Lemons," 2006 Meeting Papers 813, Society for Economic Dynamics.
    • Handle: RePEc:red:sed006:813
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    Keywords

    market for lemons; observability;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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