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Article

French

ID: <

10670/1.kqw512

>

Where these data come from
Non-exclusive competition and adverse selection

Abstract

`titrebNonexclusive competition and adverse selection`/titrebWe provide in this article a survey of recent work on competition under adverse selection and nonexclusivity, that is, when an informed buyer can simultaneously trade with several sellers. We discuss the equilibrium outcomes of different trading games, depending on whether sellers can only post linear prices, limit-orders, or convex or arbitrary tariffs. We emphasize that the existence of an equilibrium is problematic and characterize the unique entry-proof tariff.Classification JEL: D43, D82, D86.

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