Prices, delay, and the dynamics of trade

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Show simple item record Moreno, D Wooders, J 2012-02-02T11:02:29Z 2002
dc.identifier.citation Journal of Economic Theory, 2002, 104 (2), pp. 304 - 339
dc.identifier.issn 0022-0531
dc.identifier.other C1UNSUBMIT en_US
dc.description.abstract We characterize the dynamics of trading patterns and market composition when trade is bilateral, finding a trading partner is costly, prices are determined by bargaining, and preferences are private information. We show that equilibrium is inefficient and exhibits delay as sellers price discriminate between buyers with different values. As frictions vanish, transaction prices are asymptotically competitive and the welfare loss of inefficient trading approaches zero, even though the trading patterns continue to be inefficient and delay persists. Journal of Economic Literature Classification Numbers: D40, D50. © 2002 Elsevier Science (USA).
dc.language eng
dc.relation.isbasedon 10.1006/jeth.2001.2822
dc.title Prices, delay, and the dynamics of trade
dc.type Journal Article
dc.description.version Published
dc.parent Journal of Economic Theory
dc.journal.volume 2
dc.journal.volume 104
dc.journal.number 2 en_US
dc.publocation San Diego en_US
dc.identifier.startpage 304 en_US
dc.identifier.endpage 339 en_US BUS.Centre for the Study of Choice en_US
dc.conference Verified OK en_US
dc.for 1401 Economic Theory
dc.personcode 112051
dc.percentage 100 en_US Economic Theory en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords Asymmetric information
dc.description.keywords Bargaining
dc.description.keywords Decentralized markets
dc.description.keywords Delay
dc.description.keywords Matching
dc.description.keywords Trade dynamics
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Economics
pubs.organisational-group /University of Technology Sydney/Strength - Study of Choice
utslib.copyright.status Closed Access 2015-04-15 12:17:09.805752+10
pubs.consider-herdc false
utslib.collection.history Closed (ID: 3)
utslib.collection.history Economics (ID: 372)

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