Zheng has proposed a seller-optimal auction for (asymmetric) independent-privatevalue environments where inter-bidder resale is possible. Zheng's construction requires novel conditions - Resale Monotonicity, Transitivity, and Invariance - on the bidders' value distribution profile. The only...

Zheng has recently proposed a seller-optimal auction for (asymmetric) independent-private-value environments where inter-bidder resale is possible. Zheng's construction requires novel conditions on the bidders' value distribution pro le. We clarify the restrictions implied by these conditions....

We consider Kyle's market order model of insider trading with multiple informed traders and show: if a linear equilibrium exists for two different numbers of informed traders, asset payoff and noise trading are independent and have finite second moments, then these random variables are normally...

We consider 2-bidder rst-price auctions where one bidder's value is commonly known. Such auctions induce an inefficient allocation. We show that a resale opportunity, where the auction winner can make a take-it-or-leave-it offer to the loser, increases (reduces) the inefficiency of the market...

We consider the problem of mechanism design by a principal who has private information. We point out a simple condition under which the privacy of the principal's information is irrelevant in the sense that the mechanism implemented by the principal coincides with the mechanism that would be...