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Welfare analysis of a market with pairwise meetings and asymmetric information (*)

Author

Listed:
  • Oved Yosha

    (The Eitan Berglas School of Economics, Tel-Aviv University, 69978 Tel-Aviv, ISRAEL and Department of Economics, Brown University, Providence, RI 02912, USA)

  • Roberto Serrano

    (Department of Economics, Brown University, Providence, RI 02912, USA)

Abstract

We study the welfare properties of a market with pairwise meetings and asymmetric information, establishing an equivalence between asymptotically expost individually rational and asymptotically (ex-ante, interim and ex-post) efficient equilibrium sequences.

Suggested Citation

  • Oved Yosha & Roberto Serrano, 1996. "Welfare analysis of a market with pairwise meetings and asymmetric information (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(1), pages 167-175.
    • Handle: RePEc:spr:joecth:v:8:y:1996:i:1:p:167-175
    Note: Received: June 1, 1994; revised version December 1, 1994
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    Cited by:

    1. Serrano, Roberto, 2002. "Decentralized information and the Walrasian outcome: a pairwise meetings market with private values," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 65-89, September.
    2. Moreno, Diego & Wooders, John, 2002. "Prices, Delay, and the Dynamics of Trade," Journal of Economic Theory, Elsevier, vol. 104(2), pages 304-339, June.
    3. Max R. Blouin & Roberto Serrano, 2001. "A Decentralized Market with Common Values Uncertainty: Non-Steady States," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 68(2), pages 323-346.
    4. Isaac, Tanguy, 2011. "A new equilibrium in the one-sided asymmetric information market with pairwise meetings," Mathematical Social Sciences, Elsevier, vol. 61(3), pages 152-156, May.
    5. Max Blouin, 2001. "Equilibrium in a Decentralized Market with Adverse Selection," Cahiers de recherche CREFE / CREFE Working Papers 128, CREFE, Université du Québec à Montréal, revised Mar 2001.

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