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Paying to Match : Decentralized Markets with Information Frictions
Agranov, Marina; Dianat, Ahrash; Samuelson, Larry; … - 2021
We experimentally study decentralized one-to-one matching markets with transfers. We vary the information available to participants, complete or incomplete, and the surplus structure, supermodular or submodular. Several insights emerge. First, while markets often culminate in efficient...
Persistent link: https://www.econbiz.de/10013250740
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Market for Information and Selling Mechanisms
Bounie, David - 2020
We investigate the strategies of a data intermediary selling consumer information to firms for price discrimination purpose. We analyze how the mechanism through which the data intermediary sells information influences how much consumer information she will collect and sell to firms, and how it...
Persistent link: https://www.econbiz.de/10012832202
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On the Evolution of Market Institutions : The Platform Design Paradox
Alós-Ferrer, Carlos; Kirchsteiger, Georg; Walzl, Markus - 2021
We study competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. We ask whether efficient platforms, leading to market - clearing trading outcomes, will dominate the market in the long run. If several market designers are...
Persistent link: https://www.econbiz.de/10013317023
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An Equilibrium Theory of Nominal Exchange Rates
Hagedorn, Marcus - 2021
This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …
Persistent link: https://www.econbiz.de/10013212261
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On the evolution of market institutions: the platform design paradox
Alós-Ferrer, Carlos; Kirchsteiger, Georg; Walzl, Markus - 2007
We study competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. We ask whether efficient platforms, leading to market - clearing trading outcomes, will dominate the market in the long run. If several market designers are...
Persistent link: https://www.econbiz.de/10010264141
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A large-market rational expectations equilibrium model
Vives, Xavier - 2011
This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes associated with fully revealing rational expectations...
Persistent link: https://www.econbiz.de/10010274759
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Platform intermediation in a market for differentiated products
Galeotti, Andrea; Moraga-González, José Luis - 2008
We study a two-sided market where a platform attracts firms selling differentiated products and buyers interested in those products. In the unique subgame perfect equilibrium of the game, the platform fully internalizes the network externalities present in the market and firms and consumers all...
Persistent link: https://www.econbiz.de/10010275870
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The invisible hand plays dice : eventualities in religious markets
Poutvaara, Panu; Wagener, Andreas - 2004
, as secular societies tend to host on average more demanding sects. Our main methodological contribution to the theory of …
Persistent link: https://www.econbiz.de/10010261227
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Market power and information revelation in dynamic trading
Gottardi, Piero; Serrano, Roberto - 2004
We study a strategic model of dynamic trading where agents are asymmetrically informed over common value sources of uncertainty. There is a continuum of buyers and a finite number n of sellers. All buyers are uninformed, while at least one seller is privately informed about the true state of the...
Persistent link: https://www.econbiz.de/10010261280
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Adding geography to the new economic geography
Bosker, E. Maarten; Brakman, Steven; Garretsen, Harry; … - 2007
For reasons of analytical tractability, new economic geography (NEG) models treat geography in a very simple way: attention is either confined to a simple 2-region or to an equidistant multi-region world. As a result, the main predictions regarding the impact of e.g. diminishing trade costs are...
Persistent link: https://www.econbiz.de/10010271844