Efficiency in Decentralised Markets with Aggregate Uncertainty
研究了在非平稳去中心化市场中，当资产价值存在共同不确定性且卖方掌握总体状态信息时，交易摩擦消失后所有均衡都会变得有效率。
Abstract We study efficiency in non-stationary decentralised markets with common-value uncertainty and correlated asset values. There is an equal mass of buyers and sellers and payoffs from trade depend on an aggregate state, which only the sellers know. Buyers and sellers are randomly and anonymously matched in pairs over time, and buyers make the offers. We show that all equilibria become efficient as trading frictions vanish.