Behavioral Equilibrium in Economies with Adverse Selection
نویسندگان
چکیده
منابع مشابه
Online Appendix for Behavioral Equilibrium in Economies with Adverse Selection A. A Class of Games with Monotone Selection
This section presents a setup that arises frequently in adverse selection settings and provides conditions on the primitives such that the properties that de ne a game with monotone selection are satis ed. The following de nitions and results (in addition to those in the print appendix) are used: A correspondence : T ! X is increasing in the strong set order if when t > t0, then for each x 2 (t...
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We decentralize incentive efficient allocations in large adverse selection economies by introducing a Walrasian market for mechanisms, that is, for menus of contracts. Facing a budget constraint, informed individuals choose lotteries over mechanisms, while firms supply (slots at) mechanisms at given prices. An equilibrium requires that firms cannot favorably change, or cut, prices. We show that...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2008
ISSN: 0002-8282
DOI: 10.1257/aer.98.4.1269