?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F3246%2F&rft.title=Non-Exclusive+Competition+in+the+Market+for+Lemons&rft.creator=Attar%2C+Andrea&rft.creator=Mariotti%2C+Thomas&rft.creator=Salani%C3%A9%2C+Fran%C3%A7ois&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=We+consider+an+exchange+economy+in+which+a+seller+can+trade+an+endowment+of+a+divisible+good+whose+quality+she+privately+knows.+Buyers+compete+in+menus+of+non-exclusive+contracts%2C+so+that+the+seller+may+choose+to+trade+with+several+buyers.+In+this+context%2C+we+show+that+an+equilibrium+always+exists+and+that+aggregate+equilibrium+allocations+are+generically+unique.+Although+the+good+offered+by+the+seller+is+divisible%2C+aggregate+equilibrium+allocations+exhibit+no+fractional+trades.+In+equilibrium%2C+goods+of+relatively+low+quality+are+traded+at+the+same+price%2C+while+goods+of+higher+quality+may+end+up+not+being+traded+at+all+if+the+adverse+selection+problem+is+severe.+This+provides+a+novel+strategic+foundation+for+Akerlof's+(1970)+results%2C+which+contrasts+with+standard+competitive+screening+models+postulating+enforceability+of+exclusive+contracts.+Latent+contracts+that+are+issued+but+not+traded+in+equilibrium+turn+out+to+be+an+essential+feature+of+our+construction.&rft.publisher=TSE+Working+Paper&rft.date=2009-06&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=en&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F3246%2F1%2Fwp_nogroup_55_2009.pdf&rft.identifier=++Attar%2C+Andrea%2C+Mariotti%2C+Thomas+%3Chttps%3A%2F%2Fwww.idref.fr%2F175120617%3E+and+Salani%C3%A9%2C+Fran%C3%A7ois+%3Chttps%3A%2F%2Fwww.idref.fr%2F03504649X%3E++(2009)+Non-Exclusive+Competition+in+the+Market+for+Lemons.++TSE+Working+Paper%2C+n.+09-055+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F21926&rft.language=en