Asymmetric information in cattle auctions: the problem of revaccinations
研究了牛拍卖中买卖双方因信息不对称导致的再接种问题，构建简单模型分析其影响，并指出该问题持续存在，呼吁开展全面的实证研究。
Abstract We analyze the problem of asymmetric information between buyers and sellers in cattle auctions, using the problem of revaccinations as the point of departure. We present a simple model to show that if buyers do not know and cannot verify whether sellers have vaccinated their animals, then they may consider revaccination. Revaccination is only a part of the broader problem of information asymmetry that includes other quality issues and costs that can be saved, thereby affecting the welfare of both buyers and sellers. We consider structural characteristics of ranching, traditions, and consumers' preferences as well as proposals regarding third‐party certification to argue that the problem of asymmetric information in cattle auctions is a persistent one. We also argue for a comprehensive empirical study of the incidence and impacts of buyer revaccination.