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- W2181426762 abstract "We analyze a dynamic market with a seller who can make a one-time investment that a ects the returns of tradable assets. The potential buyers of the assets cannot observe the seller’s investment prior to trade, nor verify it in anyway after trade. The market faces two types of ine ciency: the ex-ante ine ciency, i.e., the seller’s moral hazard problem; and the ex-post ine ciency, i.e., ine cient ex-post allocations due to the adverse selection problem. We analyze how the observability of information by future buyers through which the seller builds a reputation a ects the two types of ine ciency, and the interplay between them. Our conclusions are as follows: If the cost of investment is small, then the observability of such information mitigates both types of ine ciency. If the cost of investment is not small, however, then it may not have any e ect on them. Moreover, even when the observability of such information improves the ex-post e ciency, it does so only at an o setting cost in terms of the ex-ante e ciency. A simple regulation based on prices observable in the markets can enhance the role of such information and achieve the social welfare which is arbitrarily close to the first-best." @default.
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- W2181426762 date "2011-01-01" @default.
- W2181426762 modified "2023-09-26" @default.
- W2181426762 title "Reputation and Securitization" @default.
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