Several partners jointly own an asset that may be traded among them. Each partner has a valuation for the asset; the valuations are known privately and drawn independently from a common probability distribution. We characterize the set of all incentive-compatible and interim- individually-...

Several partners jointly own an asset that may be traded among them. Each partner has a valuation for the asset. The valuations are known privately and drawn independently from a common probability distribution. The authors characterize the set of all incentive- compatible and interim...