I study a market where agents with unit demand jointly own heterogeneous goods. In this market, the existence of an efficient, incentive compatible, individually rational, and budget balanced mechanism depends on the shares of the agents. I characterize the set of shares for which having such a...

We consider a setting in which two potential merger partners each possess private information pertaining both to the profitability of the merged entity and to stand-alone profits, and investigate the extent to which this private information makes ex-post regret an unavoidable phenomenon in...

We consider a setting in which two potential merger partners each possess private information pertaining both to the profitability of the merged entity and to stand-alone profits, and investigate the extent to which this private information makes ex-post regret an unavoidable phenomenon in...

Myerson and Satterthwaite (1983) prove that if one seller and one buyer have independent private valuations for an indivisible object then no individually rational and incentive compatible trading mechanism can guarantee ex post efficiency when gains from trade are uncertain. Makowski and...