Marketplace Institutions Related to the Timing of Transactions: Reply to Priest
回应Priest的观点，通过多个市场（包括大型律所招聘新律师的劳动力市场）说明交易日期提前（unraveling）会在有竞争性价格的市场中发生，导致效率损失，而市场制度有助于恢复效率。
In this reply I describe the unraveling of transaction dates in several markets, including the labor market for new lawyers hired by large law firms. This and other markets illustrate that unraveling can occur in markets with competitive prices, that it can result in substantial inefficiencies, and that marketplace institutions play a role in restoring efficiency. All of these contradict the conclusions of Priest.