| 초록 |
This paper theoretically examines the implications of adverse selection issues in resource management when market participants do not share the same information. Our focus is given to the implications of asymmetric information on the dynamics of market mechanism. We analyze the functioning of the land market as an example in a dynamic context, exploring the impact of asymmetric information on market allocative outcomes and investigate associated issues of adverse selection and adverse incentives. That is, how the "markets for lemons" story applies to the dynamic resource allocation problem of agricultural land markets.
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