Kim, Iljoong; Kim, Jaehong - In: Journal of Institutional and Theoretical Economics (JITE) 160 (2004) 2, pp. 327-327
We claim that Posner's nuisance rule maintains the efficiency feature even under severe informational asymmetry. This paper, as a critical assessment of an overly complicated order-reporting mechanism by Kim [2002], argues that Posner's original value-reporting mechanism alone is enough to...