Our goal is to describe the state of the art on Bayesian mechanisms when utility is transferable and only balanced transfers are admissible. New results will be proved along the way, but they will be integrated to the overall picture. We first study a condition on the information structure of...

We present a new condition on beliefs that guarantee the Bayesian implementability of all efficient social decision rules. We show that this condition is easy to verify and is both more interpretable and more general than the conditions that are found in the literature. We also study conditions...

We study duopolistic markets where a profit-maximizing firm competes with an employee-controlled firm that maximizes value-added per employee. We first study an industry with Cournot competition. We show that the presence of an employee-controlled firm does not affect the equilibrium number of...