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Quelques aspects normatifs du problème d'Akerlof. Un exemple

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  • Bernard Belloc

Abstract

[eng] Some normative aspects of Akerlof's problem. An example . . Through an example, we point ont that market equilibrium in the Akerlofs context can be non optimal ex post, in spite of perfect transmission of information by the prices. Inefficiency comes from a specific externality. Taxation restores optimality ex post, but when non informed agents are risk adverse, the ex post optimal allocation so attained by the market is not ex ante optimal. [fre] Quelques aspects normatifs du probleme d'Akerlof. Un exemple. . A travers un exemple, nous montrons qu'un équilibre de marché dans le contexte du problème d'Akerlof peut ne pas être optimal ex post bien qu'à l'équilibre le prix du bien de qualité inconnu transmette parfaitement l'information. Cela provient d'une externalité de consommation : qualité et quantités consommées par certains agents ayant une influence directe sur la qualité consommée par d'autres. Un système de taxes et de transferts permet donc de restaurer l'optimalité ex post d'un tel équilibre de marché. Malgré cela nous montrons que cette allocation n'est pas optimale ex ante si les agents non informés ont de l'aversion pour le risque.

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  • Bernard Belloc, 1986. "Quelques aspects normatifs du problème d'Akerlof. Un exemple," Revue Économique, Programme National Persée, vol. 37(5), pages 783-804.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1986_num_37_5_408942
    DOI: 10.3406/reco.1986.408942
    Note: DOI:10.3406/reco.1986.408942
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    1. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-1819, November.
    2. Laffont, Jean-Jacques M, 1985. "On the Welfare Analysis of Rational Expectations Equilibria with Asymmetric Information," Econometrica, Econometric Society, vol. 53(1), pages 1-29, January.
    3. Harris Milton & Townsend, Robert M, 1981. "Resource Allocation under Asymmetric Information," Econometrica, Econometric Society, vol. 49(1), pages 33-64, January.
    4. Sanford J. Grossman, 1981. "An Introduction to the Theory of Rational Expectations Under Asymmetric Information," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 48(4), pages 541-559.
    5. Jean-Jacques Laffont, 1984. "Information imparfaite et rationalité collective," Revue Économique, Programme National Persée, vol. 35(1), pages 163-176.
    6. Laffont, Jean-Jacques & Maskin, Eric, 1980. "A Differential Approach to Dominant Strategy Mechanisms," Econometrica, Econometric Society, vol. 48(6), pages 1507-1520, September.
    7. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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    Cited by:

    1. Jean-Bernard Boyabé, 1999. "« Marché informel » : une lecture critique du modèle d'Akerlof," Revue Tiers Monde, Programme National Persée, vol. 40(157), pages 169-186.

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