Essays on Financial Markets with Endogenous Information Screening Choices

Yiran Fan
The first chapter studies screening competition under flexible information acquisition and its interaction with price competition. Multiple homogeneous buyers play a game where they simultaneously design independent exams with pre-specified information limit on a binary-type seller. Once observing own exam’s outcome, a buyer may choose to bid for the object. This paper shows that under general assumptions on information cost, binary-signal symmetric equilibrium exists and must be supported by mixed strategies. Moreover, equilibrium is inefficient...
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