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首页> 外文期刊>Journal of the European Economic Association >Endogenous Lemon Markets: Risky Choices and Adverse Selection
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Endogenous Lemon Markets: Risky Choices and Adverse Selection

机译：内源性柠檬市场：风险选择和逆向选择

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摘要

The severity of adverse selection depends, to a great extent, on the underlying distribution of the asset. This distribution is commonly modeled as exogenous; however, in many real-world applications, it is determined endogenously. A natural question in this context is whether one can predict the severity of the adverse selection problem in such environments. In this paper, we study a bilateral trade model in which the distribution of the asset is affected by pre-trade unobservable actions of the seller. Analyzing general trade mechanisms, we show that the seller's actions are characterized by a risk-seeking disposition. In addition, we show that (location-independent) riskier underlying distributions of the asset induce lower social welfare. That is, "lemon markets" arise endogenously in these environments.
机译：逆向选择的严重程度取决于一个很大程度上,在底层的分布资产。外生的;应用程序来说,它是内生决定的。在这种情况下是一个自然的问题可以预测逆向选择的严重性吗在这样的环境问题。研究的双边贸易模型资产分布的影响不可见的卖方的行为无异。一般贸易机制分析,我们证明卖方的行为为特征的风险处置。(独立于位置的寻)潜在风险资产分布引起较低的社会福利。内生在这些环境中。

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