This paper obtains finite analogues to propositions that a previous literature obtained about the informational efficiency of mechanisms whose possible messages form a continuum. Upon reaching an equilibrium message, to which all persons “agree”, a mechanism obtains an action appropriate to...

This paper obtains finite counterparts of previous results that showed the informational efficiency of the Walrasian mechanism among all mechanisms yielding Pareto-optimal individually rational trades in exchange economies while using a continuum of possible messages. In particular, we develop...