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and information asymmetries. From transaction cost economics, agency theory, and law and economics literature the …
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The paper addresses the following question: How efficient is the market system in allocating resources if trade takes place at some prices p that are not necessarily competitive? Even though there are many partial answers to this question, an answer that stands comparison to the rigor by which...
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This paper examines the relationship between competition and efficiency in a market in which incentive contracts are …-extraction, exploitation of overconfidence, and attracting workers. Regardless of the degree of competition between firms, overconfidence … of the degree of competition, while low-type effort is non-monotonic in the degree of competition and may be at, above …
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We rationalize exclusive portfolio dealing in a novel three-period partial equilibrium framework populated by a representative, risk-neutral seller and a small number of ex ante identical broker-dealers. Endowed with independent, uncertain demand for a representative asset, the broker-dealers...
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