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Dynamic Lemons

William Fuchs. Andrzej Skrzypacz
August 29, 2012
Abstract
We study a dynamic market with asymmetric information that induces the lemons
problem. We compare efficiency of the market under different assumptions about the
timing of trade. We show that when efficiency can be improved by temporarily closing
the market as compared to continuous trading opportunities.
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William Fuchs,
Jun 5, 2013, 10:59 AM
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