學術研究

(Theory webinar) Competitive Nonlinear Pricing under Adverse Selection

日期 2020-12-08 (週二)
時間 04:00 PM
地點 Conference Room B110
演講者 Professor Thomas Mariotti
演講者簡介 Professor Mariotti received his Ph.D. in Economics from Toulouse 1 Capitole university in 1994. He is currently a Senior researcher at Toulouse 1 Capitole University. His research field is Economic Theory.
摘要 This paper studies competitive allocations under adverse selection. We first provide a general necessary and sufficient condition for entry on an inactive market to be unprofitable. We then use this result to characterize, in an active market, a unique budget-balanced allocation implemented by a market tariff making additional trades with an entrant unprofitable. Motivated by the recursive structure of this allocation, we finally show that it emerges as the essentially unique equilibrium outcome of a discriminatory ascending auction. These results yield sharp predictions for competitive nonexclusive markets.