Berentsen, Aleksander; McBride, Michael; Rocheteau, … - 2013
information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set … setting. The experiments replicate an OTC market similar to the one used in monetary and financial economics (Shi, 1995 … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by …