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Asymmetric information and adverse selection

Abstract:

This paper develops a framework for the analysis of how asymmetric information impacts on adverse selection and market efficiency. We adopt Akerlof's (1970) unit-demand model extended to a setting with multidimensional public and private information. Adverse selection and efficiency are defined quantitatively as real valued random variables. We characterize how public information disclosure and private information acquisition affect the relationship between adverse selection and efficiency...

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Publication status:
Published

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Publisher:
University of Oxford Publisher's website
Series:
Department of Economics Discussion Paper Series
Publication date:
2014-01-24
Paper number:
695
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Pubs id:
1143718
Local pid:
pubs:1143718
Deposit date:
2020-12-15

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