演講者簡介 : Professor Hopenhayn received his Ph.D. in Economics from University of Minnesota in 1988. He is currently a Professor of Economics at UCLA and a fellow of the Econometric Society. His research fields are Industrial Organization, Labor Economics, Macroeconomics, and Microeconomic Theory.
演講摘要 : This paper addresses two central questions in markets with adverse selection: How does information impact the welfare of market participants (sellers and buyers)? Also, relatedly, what is the optimal rating policy and how is it affected by the objective function of the planner? In addition, we study the optimal design and performance of simple mechanisms that consist of a small number of ratings. Particularly, we compare the revenue generated in the market under these two schemes and find that the value loss due to using simple ratings is small and drops sharply as the number of signals grows.
