數量經濟學研討會 [201507]

報告題目：Market Selection and the Information Content of Prices

報告人：   Prof. Mehmet Ekmeci
報告時間：2015年12月22日下午12:30-13:30
報告地點：明德主樓729
內容簡介： We study price formation in an economy where buyers with unit demand decide to purchase one of two possible goods which are traded in two distinct markets. The goods traded within each market are identical, common-value objects and we model the price formation process as a large uniform-price auction. Before the auctions, bidders receive informative but imperfect signals about the state of the world and choose to participate in one of the markets. Our main result shows that if market frictions lead to uncertain gains from trade in any of the two markets, then there is no equilibrium where prices aggregate information. In contrast, if both markets are frictionless, then prices fully aggregate information. The findings generalize to the case of arbitrary number of markets. Our results highlight how self-selection of bidders into the two markets leads to informational contagion between the markets which in turn hinders information aggregation in both markets.
報告人簡介：Mehmet Ekmekci is an associate professor (with tenure) of Economics at Boston College. He obtained the PhD degree from Princeton University in 2006. His main research interests include microeconomic theory, game theory, political economy, and mechanism design, and he has published about 10 papers on top economic journals on AER, RES, and JET.  


數量經濟教研室 運籌學與數量經濟研究所 中國人民大學經濟學院 2015年12月

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