In markets with adverse selection, only low-quality units trade in the competitive equilibrium when the average quality of the good held by sellers is low. We show that under decentralized trade, however, both highand low-quality units trade, although with delay. Moreover, when frictions are small, the surplus realized is greater than the (static) competitive surplus. Thus, decentralized trade ...

Information asymmetries are a well-recognized impediment to market efficiency. When quality is not observable by prospective buyers, the quality of marketed goods will suffer, and the volume of trade will be depressed. Using data from more than 2,000 maize samples collected in four Kenyan provinces, we show that the presence of aflatoxin, an invisible and dangerous fungal contaminant, is not re...

This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. contrast, we examine cases where buyers sellers. creates an inverse adverse selection problem: market tends to disappear from bottom rather top. contrast traditional model, it is high-value goods (gems) that market, low-value (lemons). We ...

I use an old challenge to motivate a new view. The old challenge is due to variation in our perceptions of secondary qualities. The challenge is to say whose perceptions are accurate. The new view is about how we manage to perceive secondary qualities, and thus manage to perceive them accurately or inaccurately. I call it perceptual structuralism. I first introduce the challenge and point out d...

We study a dynamic market with asymmetric information that creates the lemons problem. We compare effi ciency of the market under different assumptions about the timing of trade. We identify positive and negative aspects of dynamic trading, describe the optimal market design under regularity conditions and show that continuous-time trading can be always improved upon.

Consider rolling a die with k sides, labeled a1, a2, ..., and ak, respectively. Let P(aj) be the ‘probability’ that a particular side aj appears after rolling the die. Before attempting to calculate P(aj), it is necessary to clarify the meaning of the word ‘probability’. In other words, we must specify what the number P(aj) quantifies. In statistics, the concept of ‘probability’ is formally int...

It goes without saying that 2020 has been a challenging year. The current pandemic negatively affected every aspect of our personal and professional lives. While there have innumerable downsides to situation, the necessary restrictions forced us find alternative ways continue pursuits in education, patient care, scholarly activity. In sum, adaptation perseverance become operative words. March 2...

Abstract Background Green mold disease on citrus caused by Penicillium digitatum is the most serious and destructive disease. It causing 90% of production losses during post-harvest handling. Results In this study, activity seven yeast isolates from lemons against P. , a fungal pathogen that causes green in lemons, was isolated examined. vitro experiments showed isolate three significantly redu...