We study trade in dynamic decentralized markets with adverse selection. Differently from the literature on the topic so far, we assume that the informed sellers make the offers, so that signaling through prices is possible. We establish basic properties of equilibria, provide necessary and...

The completion of transportation infrastructure frequently takes many years and occurs gradually. How does the gradual construction of transportation infrastructure affect the distribution of economic activity across the sites it serves? I examine the long-run effects of the timing of railroad...