unobservable a priori. We find that trade in practices can facilitate the transmission of information about agent types. In general … full efficiency is achieved, but equilibrium is not always robust to random shocks. A tax on the sale of practices ensures …

unobservable a priori. We find that trade in practices can facilitate the transmission of information about agent types; sometimes … full efficiency is achieved. In cases where it is not, a tax on the sale of practices (based on the seller's age) can be …