数量经济学研讨会 [201507]

报告题目：Market Selection and the Information Content of Prices

报告人：   Prof. Mehmet Ekmeci
报告时间：2015年12月22日下午12:30-13:30
报告地点：明德主楼729
内容简介： We study price formation in an economy where buyers with unit demand decide to purchase one of two possible goods which are traded in two distinct markets. The goods traded within each market are identical, common-value objects and we model the price formation process as a large uniform-price auction. Before the auctions, bidders receive informative but imperfect signals about the state of the world and choose to participate in one of the markets. Our main result shows that if market frictions lead to uncertain gains from trade in any of the two markets, then there is no equilibrium where prices aggregate information. In contrast, if both markets are frictionless, then prices fully aggregate information. The findings generalize to the case of arbitrary number of markets. Our results highlight how self-selection of bidders into the two markets leads to informational contagion between the markets which in turn hinders information aggregation in both markets.
报告人简介：Mehmet Ekmekci is an associate professor (with tenure) of Economics at Boston College. He obtained the PhD degree from Princeton University in 2006. His main research interests include microeconomic theory, game theory, political economy, and mechanism design, and he has published about 10 papers on top economic journals on AER, RES, and JET.  


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