Search, Liquidity, and Retention: Screening Multidimensional Private Information
构建了一个统一框架，分析资产质量信号（留存）与流动性筛选两种机制，并扩展至包含卖方耐心维度的多维私人信息，揭示价格、数量与流动性如何随卖方私人信息变化。
A large literature has shown that asset quality may be signaled by retention or, in a separate literature, screened by liquidity. I present a general framework to analyze both instruments, offering conditions that characterize which instrument will be used in equilibrium. I then expand the private information to include not only asset quality but also seller patience, showing that both retention and liquidity may be used to fully separate both dimensions of private information. The expanded model offers new predictions about how price, quantity, and liquidity covary with each other and with seller private information.