By John Eatwell, Murray Milgate, Peter Newman (eds.)
This is an extract from the 4-volume dictionary of economics, a reference ebook which goals to outline the topic of economics at the present time. 1300 topic entries within the entire paintings hide the large issues of monetary idea. This quantity concentrates concerning allocation details and markets.
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Extra resources for Allocation, Information and Markets
30 Adverse Selection CHARLES WILSON Consider a market in which products of varying quality are exchanged. Both buyers and sellers rank products of different quality in the same way, but only the sellers can observe the quality of each unit of the good they sell. Buyers can observe at most the distribution of the quality of the goods previously sold. Without some device for the buyers to identify good products, bad products will always be sold with the good products. Such a market illustrates the problem of adverse selection.
These results certainly illuminate the infinite horizon model with overlapping generations of consumers and producers, but the possibility of efficient or optimal resource allocation by decentralized means is not different from that in the one-good Malinvaud model. Recently, Hurwicz and Majumdar in an unpublished manuscript dated 1983, and later Hurwicz and Weinberger (1984), have addressed this issue directly, building on the approach of mechanism theory. Hurwicz and Majumdar have studied the problem of efficiency in a model with an infinite number of periods.
Hurwicz, L. 1972a. On informationally decentralized systems. In Decision and Organization, ed. C McGuire and R. Radner, Amsterdam, London: North-Holland, ch. 14,297-336. Hurwicz, L. 1972b. On the dimensional requirements of informationally decentralized Pareto-satisfactory processes. Presented at the Conference Seminar in Decentralization, Northwestern University. In Studies in Resource Allocation Processes, ed. J. Arrow and L. Hurwicz, Cambridge and New York: Cambridge University Press, 1977. Hurwicz, L.