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Premuneration Values and Investments in Matching Markets

Mailath, George; Postlewaite, Andrew; Samuelson, Larry W

Description

We analyse a model in which agents make investments and match into pairs to create a surplus. The agents can reallocate their pretransfer ownership claims on the surplus. Mailath et al. (2013) showed that when investments are unobservable, equilibrium investments are generally inefficient. We work here with a more structured and tractable model to analyse investment inefficiencies. We provide conditions under which investment is inefficiently high or low and when changes in the...[Show more]

CollectionsANU Research Publications
Date published: 2017
Type: Journal article
URI: http://hdl.handle.net/1885/247399
Source: The Economic Journal
DOI: 10.1111/ecoj.12400

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