The Self-Regulation of Private Organised Markets.

In a Walres-debreu world, all relevant attributes of all traded commodities are completely and costlessly specified, information is symmetric and costless, and all contracts ate costlessly enforced. In the real world in which trade takes place, it is costly to specify and verify commodity attributes, profound information asymmetries can exist, and parties have an incentive to renege opportunistically on their contractual commitments.

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Year of publication:	1997
Authors:	Pirrong, S.C.
Institutions:	Business Law and Economics Center, Olin School of Business
Subject:	INFORMATION \| ECONOMIC MODELS \| CONTRACTS \| COMMODITIES

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Series:	Washington University.
Type of publication:	Book / Working Paper
Notes:	19 pages
Classification:	O13 - Agriculture; Natural Resources; Energy; Environment; Other Primary Products ; L50 - Regulation and Industrial Policy. General ; L51 - Economics of Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005475062