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Working paper
Prices and Allocations in a Trading Market with Multi-Dimensional Signals
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An Ascending Auction with Multi-Dimensional Signals
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Optimal Performance-Based Reviews
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Optimal Performance-Based Reviews of Transplant Centers
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Information, market power, and price volatility
In: The Rand journal of economics, Band 52, Heft 1, S. 125-150
ISSN: 1756-2171
AbstractWe consider demand function competition with a finite number of agents and private information. We show that any degree of market power can arise in the unique equilibrium under an information structure that is arbitrarily close to complete information. Regardless of the number of agents and the correlation of payoff shocks, market power may be arbitrarily close to zero (the competitive outcome) or arbitrarily large (so there is no trade). By contrast, price volatility is always lower than the variance of the aggregate shock across all information structures. Alternative trading mechanisms lead to very distinct bounds as a comparison with Cournot competition establishes.
Information, Market Power and Price Volatility
In: CEPR Discussion Paper No. DP15104
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Information, Market Power and Price Volatility
In: Cowles Foundation Discussion Paper No. 2200, September 2019
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Working paper
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