Repurchase Options in the Market for Lemons

We study repurchase options (repo contracts) in a competitive asset market with asymmetric information. Gains from trade emerge from a liquidity need, but private information about asset quality prevents the full realization of trade. We obtain a unique equilibrium, which features a pooling repo

我们在存在信息不对称的竞争性资产市场中研究回购期权（repurchase options，repo合约）。交易收益源自流动性需求，但有关资产质量的私有信息会阻碍交易的充分实现。我们得到了唯一均衡，该均衡具备池化repo合约的特征。