G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13872
DP13872 The Social Costs of Side Trading
Thomas Mariotti; Andrea Attar; François Salanié
发表日期2019-07-19
出版年2019
语种英语
摘要We study resource allocation under private information when the planner cannot prevent bilateral side trading between consumers and firms. Adverse selection and side trading severely restrict feasible trades: each marginal quantity must be fairly priced given the consumer types who purchase it. The resulting social costs are twofold. First, second-best efficiency and robustness to side trading are in general irreconcilable requirements. Second, there actually exists a unique budget-feasible allocation robust to side trading, which deprives the planner from any capacity to redistribute resources between different types of consumers. We discuss the relevance of our results for insurance and financial markets.
主题Financial Economics
关键词Adverse selection Side trading Second-best allocations
URLhttps://cepr.org/publications/dp13872
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/542748
推荐引用方式
GB/T 7714
Thomas Mariotti,Andrea Attar,François Salanié. DP13872 The Social Costs of Side Trading. 2019.
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