This paper addresses the following question: Does competition enhance efficiency in markets with quality uncertainty? Using the mechanism design methodology, we characterize the maximal achievable level of efficiency in such markets, and then use this characterization to analyze how maximal efficiency varies with the degree of market competition. We show that the relationship between them is in...

The effects of four cut types (wedges, slices, 1/2 and 1/4 slices) of ‘Lisbon’ lemons (Citrus lemon L.) and storage at four temperatures (0, , 5 and 10 ◦C) on post-cutting life were studied. Respiration rates of all cut types that were stored at 0, 2 and 5 ◦C up to 8 days were 2–5 times igher than those of the whole lemons, while the increase was up to 12-fold at 10 ◦C. Small differences among ...

We analyze a dynamic market for lemons in which the quality of the good is endogenously determined by the seller. Potential buyers sequentially submit offers to one seller. The seller can make an investment that determines the quality of the item at the beginning of the game, which is unobservable to buyers. At the interim stage of the game, the information and payoff structures are the same as...

We study the trading dynamics in an asset market where the quality of assets is private information of the owner and finding a counterparty takes time. When trading of a financial asset ceases in equilibrium as a response to an adverse shock to asset quality, a large player can resurrect the market by buying up lemons which involves assuming financial losses. The equilibrium response to such a ...

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