【Theory webinar】Competitive Nonlinear Pricing under Adverse Selection

  • 研討會日期 : 2020-12-08
  • 時間 : 16:00
  • 主講人 : Professor Thomas Mariotti
  • 地點 : online
  • 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.
  • 演講摘要 : 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.