Imperfect Competition and Efficiency in Lemons Markets
Bibliographic Data
| ID | 9716071 |
|---|---|
| Authors | Abhinay Muthoo (0009-0009-3962-1748, University of Warwick), Suresh Mutuswami (University of Leicester) |
| Year | 2011 |
| Volume | 121 |
| Issue | 552 |
| Pages | 580-594 |
| Publication date | 2011-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2011.02425.x |
| OpenAlex | W1929863521 |
| Language | EN |
| Citations received | 2 |
| References cited | 17 |
This paper studies the impact of competition on the degree of inefficiency in lemons markets. More precisely, we characterize the second-best mechanism (i.e., the optimal mechanism with private information) in a stylized lemons market with finite numbers of buyers and sellers. We then study the relationship between the degree of efficiency of the second-best mechanism and market competitiveness. The relationship between the first-best and second-best mechanisms is also explored
Competition (biology · Degree (music · Economics · Imperfect · Imperfect competition · Industrial organization · Inefficiency · Mechanism (biology · Microeconomics · Perfect competition · Auction Theory and Applications · Consumer Market Behavior and Pricing · Game Theory and Applications
| Unique citing works | 2 |
|---|---|
| Citations per year | 0.13 |
| Citation span | 2011 - 2022 (12) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |