Athey, Susan; Miller, David A. - In: Theoretical economics : TE ; an open access journal in … 2 (2007) 3, pp. 299-354
We analyze the extent to which efficient trade is possible in an ongoing relationship between impatient agents with hidden valuations (i.i.d. over time), restricting attention to equilibria that satisfy ex post incentive constraints in each period. With ex ante budget balance, efficient trade...
