Costs and benefits of dynamic trading in a lemons market
研究信息不对称的动态市场中，不同交易时机对市场效率的影响，发现连续交易在特定条件下可被改进，而随机到达时则最优。
We study a dynamic market with asymmetric information that creates the lemons problem. We compare efficiency of the market under different assumptions about the timing of trade. We identify positive and negative aspects of dynamic trading, describe the optimal market design under regularity conditions and show that continuous-time trading can always be improved upon if sellers are present at t=0. Instead, continuous trading is optimal if sellers arrive stochastically over time.