Decentralized Trading with Asymmetric Information
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
Much of the received economic analysis is concerned with markets                characterized by centralized trading.  In such markets the trades               are carried out at openly announced prices and all traders have                 access to the same trading opportunities.  In many important                    markets, however, the trading process is decentralized -- prices                are quoted and transactions are concluded in private meetings                   among agents.  This study develops a rigorous theory for this                   second type of market.  It will involve construction and                        investigation of formal models of dynamic markets in which                      transactions are concluded in pairwise meetings between agents,                 and where agents are asymmetrically informed about the values of                underlying parameters which will affect their eventual payoffs.                                                                                                 This new theory of decentralized markets and asymmetric                         information is used to investigate the following questions:                     (1)  How and to what extent is agents' information aggregated and               transmitted via the trading process?                                            (2)  How is the allocation of resources affected by the                         underlying distribution of information transmission by the                      market?                                                                         (3)  Under what circumstances can the familiar paradigm of                      Rational Expectations Equilibrium (REE) be used to approximate                  the behavior of such markets?                                                                                                                                   The significance of this research is that it will start to close                a gap that exists in our understanding of markets.  Although some               important markets are characterized by decentralized trading,                   e.g., real estate markets and labor markets, to date practically                the entire literature on markets with asymmetric information has                been concerned with markets characterized by centralized trading.               Preliminary work suggests that decentralized markets behave                     differently than centralized markets.
{'FirstName': 'Asher', 'LastName': 'Wolinsky', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Asher Wolinsky', 'EmailAddress': 'a-wolinsky@northwestern.edu', 'NSF_ID': '000463152', 'StartDate': '08/01/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'Northwestern University', 'CityName': 'EVANSTON', 'ZipCode': '602080001', 'PhoneNumber': '3125037955', 'StreetAddress': '633 CLARK ST', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Illinois', 'StateCode': 'IL', 'CONGRESSDISTRICT': '09', 'CONGRESS_DISTRICT_ORG': 'IL09', 'ORG_UEI_NUM': 'EXZVPWZBLUE8', 'ORG_LGL_BUS_NAME': 'NORTHWESTERN UNIVERSITY', 'ORG_PRNT_UEI_NUM': None}
{'Name': None, 'CityName': None, 'StateCode': None, 'ZipCode': None, 'StreetAddress': None, 'CountryCode': None, 'CountryName': None, 'StateName': None, 'CountryFlag': None, 'CONGRESSDISTRICT': None, 'CONGRESS_DISTRICT_PERF': '""'}
{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8810053.xml'}