Search, Liquidity, and Retention: Screening Multidimensional Private Information
成果类型：
Article
署名作者：
Williams, Basil
署名单位：
New York University
刊物名称：
JOURNAL OF POLITICAL ECONOMY
ISSN/ISSBN：
0022-3808
DOI：
10.1086/713099
发表日期：
2021
页码：
1487-1507
关键词：
摘要：
A large literature has shown that asset quality may be signaled by retention or, in a separate literature, screened by liquidity. I present a general framework to analyze both instruments, offering conditions that characterize which instrument will be used in equilibrium. I then expand the private information to include not only asset quality but also seller patience, showing that both retention and liquidity may be used to fully separate both dimensions of private information. The expanded model offers new predictions about how price, quantity, and liquidity covary with each other and with seller private information.
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