论文标题

定价新颖的商品

Pricing Novel Goods

论文作者

Giovannoni, Francesco, Hinnosaar, Toomas

论文摘要

我们研究了双边贸易问题,其中本金具有延迟透露的私人信息,例如尚不知道她的生产成本的卖方。推迟签约过程会延迟昂贵,而早期签订有限的信息可能会引起激励问题,因为校长可能会歪曲私人信息,以稍后透露。我们表明,最佳机制可以通过利用问题的顺序性质有效地解决这些挑战。最佳机制是由两部分关税的菜单,其中可变部分由主体的激励措施和固定部分由代理商的激励措施确定。由于两部分的关税在某些应用中可能是不切实际的,因此我们还研究了价格机制。我们表明,最佳价格机制通常需要在前坦和前阶段阶段进行贸易。动态价格机制可以通过与高型代理进行交易,并通过与低型代理的合同推迟合同来降低延迟成本。我们还将分析概括为在我们的背景下进行昂贵的学习和研究效率。

We study a bilateral trade problem where a principal has private information that is revealed with delay, such as a seller who does not yet know her production cost. Postponing the contracting process incurs a costly delay, while early contracting with limited information can create incentive issues, as the principal might misrepresent private information that will be revealed later. We show that the optimal mechanism can effectively address these challenges by leveraging the sequential nature of the problem. The optimal mechanism is a menu of two-part tariffs, where the variable part is determined by the principal's incentives and the fixed part by the agent's incentives. As two-part tariffs might be impractical in some applications, we also study price mechanisms. We show that the optimal price mechanism often entails trade at both the ex-ante and ex-post stages. Dynamic price mechanisms can lower the cost of delay by transacting with high-type agents early and relax the incentive constraints by postponing contracts with lower-type agents. We also generalize our analysis to costly learning and study ex-post efficiency in our context.

扫码加入交流群

加入微信交流群

微信交流群二维码

扫码加入学术交流群,获取更多资源