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交易过多:逆向选择的隐性问题

Too much trade: The hidden problem of adverse selection
Journal of Public Economics · 2021 · David Emmanuel de Meza、Francesco Reito、Diane J Reyniers

中文摘要

逆向选择会导致具有社会效益的交易被挤出,这一点广为人知。我们表明,甚至可能有更多的交易同时被挤入。原因在于,在市场未发生完全瓦解的情况下,“柠檬”在逆向选择下反而能卖出更高的价格。本文展示了这些“坏”交易如何在保险、信贷和二手车市场中产生,并讨论了若干政策含义。

Abstract

Adverse selection famously leads to the crowding out of socially beneficial trades. We show that even more trades may be simultaneously crowded in. The reason is that, in the absence of complete unravelling, “lemons” fetch more under adverse selection. It is demonstrated how these “bad” trades occur in insurance, credit and used-car markets, and some policy implications are discussed.
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