Transparency and price formation
نویسندگان
چکیده
منابع مشابه
Transparency and price formation
We study the role that price transparency plays in determining the efficiency and surplus division in a sequential bargaining model of price formation with asymmetric information. Under natural assumptions on type distributions and for any discount factor, we show that the unobservability of past negotiations leads to lower prices and faster trading. Unobservability, therefore, enhances the “Co...
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This supplement has three parts. The first part considers the family of power function distributions F(v)= vα with support [0 1].1 The second part considers a two-period model with general distributions. It is shown that cutoffs (and, hence, the sum of discounted payoffs) can be uniformly ranked. In the third part, we discuss the technical difficulties associated with ranking the equilibrium cu...
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ژورنال
عنوان ژورنال: Theoretical Economics
سال: 2015
ISSN: 1933-6837
DOI: 10.3982/te1566