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Welfare Analysis of a Market with Pairwise Meetings and Asymmetric Information

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  • Serrano, Roberto
  • Yosha, Oved

Abstract

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

Suggested Citation

  • Serrano, Roberto & Yosha, Oved, 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, June.
    • Handle: RePEc:spr:joecth:v:8:y:1996:i:1:p:167-75
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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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