Symmetric ignorance: The cost of anonymous lemons
研究了限制谈判交易中信息要求的规则如何扩大匿名金融市场范围,并探讨了这些规则带来的隐性成本,质疑了完成本不会自然存在的匿名市场的社会价值。
Abstract Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the United States. The subtle costs of the information‐restricting rules raise questions about the social value of “completing” anonymous markets that would not naturally survive and did not historically exist.