contrast, price volatility is always less than the variance of the aggregate shock across all information structures …

.e., carry out "third degree price discrimination." We show that the segmentation and pricing induced by the additional …) producer surplus is at least as high as profits under the uniform monopoly price, and (iii) total surplus does not exceed the …

structure of the private information shapes the market power of each agent and the price volatility. We show that any degree of … contrast, price volatility is always less than the variance of the aggregate shock across agents across all information … function competition with a different uniform price trading mechanism, namely Cournot competition. Interestingly, in Cournot …

.e., carry out "third degree price discrimination."We show that the segmentation and pricing induced by the additional …) producer surplus is at least as high as profits under the uniform monopoly price, and (iii) total surplus does not exceed the … efficient gains from trade.As well as characterizing the welfare impact of price discrimination, we examine the limits of how …

.e., carry out "third degree price discrimination."We show that the segmentation and pricing induced by the additional …) producer surplus is at least as high as profits under the uniform monopoly price, and (iii) total surplus does not exceed the …

.e., carry out "third degree price discrimination". We show that the segmentation and pricing induced by the additional …) producer surplus is at least as high as pro fits under the uniform monopoly price, and (iii) total surplus does not exceed the …

of the private information determines the market power of the agents and thus price and volume of equilibrium trade … demand on the endogenous information contained in the price.We compare the set of feasible outcomes under demand function to … information, reflecting the common conditioning on the price among the agents …

of the private information determines the market power of the agents and thus price and volume of equilibrium trade … demand on the endogenous information contained in the price.We compare the set of feasible outcomes under demand function to … information, reflecting the common conditioning on the price among the agents …

.e., carry out "third degree price discrimination."We show that the segmentation and pricing induced by the additional …) producer surplus is at least as high as profits under the uniform monopoly price, and (iii) total surplus does not exceed the … efficient gains from trade.As well as characterizing the welfare impact of price discrimination, we examine the limits of how …

is randomly allocated at a price that all bidders are willing to pay, or advantageous selection, wherein the object is … probability one by a deterministic posted price. If advantageous selection is optimal, the object is sold with probability less … than one at a random price. By contrast, standard auctions that allocate to the bidder with the highest signal (e.g., the …