We study a dynamic, decentralized market environment with asymmetric information and interdependent values between buyers and sellers, and characterize the complete set of non-stationary equilibria. For a given fraction of low-quality assets, or ``lemons,'' the model describes how prices, the...

Sample zeros---products available that do not register positive revenues due to the finite sample period---introduce several biases in the computation of the import price index developed by Feenstra (1994). We model sample zeros by considering the discrete choice model of Anderson, De Palma and...