Repeated Trading: Transparency and Market Structure
研究了在知情卖方与不知情买方重复交易的市场中，过去交易量的透明度如何影响福利，发现透明度效果取决于买方竞争程度和预期质量高低。
We analyze the effect of transparency of past trading volumes in markets where an informed long-lived seller can repeatedly trade with short-lived uninformed buyers. Transparency allows buyers to observe previously sold quantities. In markets with intraperiod monopsony (single buyer each period), transparency reduces welfare if the ex ante expected quality is low but improves welfare if the expected quality is high. The effect is reversed in markets with intraperiod competition (multiple buyers each period). This discrepancy in the efficiency implications of transparency is explained by how buyer competition affects the seller’s ability to capture rents, which, in turn, influences market screening.