Costs and benefits of dynamic trading in a lemons market

William Martin Fuchs · Andrzej Skrzypacz

55 citations0/0 files storedReview of Economic Dynamics

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Economic theories and models Financial Markets and Investment Strategies Auction Theory and Applications

Abstract

We study a dynamic market with asymmetric information that creates the lemons problem. We compare efficiency 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.

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References

1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1973Job Market Signaling 2005Market microstructure: A survey of microfoundations, empirical results, and policy implications 2010Adverse Selection in Competitive Search Equilibrium 2012Overcoming Adverse Selection: How Public Intervention Can Restore Market Functioning 1984Bargaining under Asymmetric Information 1999Strategic Trading and Welfare in a Dynamic Market 2012Waiting for News in the Market for Lemons

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