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Efficiency and Information Transmission in Bilateral Trading / Robert Shimer, Iván Werning.
- Format:
- Book
- Author/Creator:
- Shimer, Robert.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w21495.
- NBER working paper series no. w21495
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2015.
- Summary:
- We study pairwise trading mechanisms in the presence of private information and limited commitment, whereby either trader can walk away from a proposed trade when he learns the trading price. We show that when one trader's information is relevant for the other trader's value of the asset, optimal trading arrangements may necessarily conceal the traders' information. While limited commitment itself may not be costly, it shapes how prices transmit information.
- Notes:
- Print version record
- August 2015.
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