because it is prone to rushes, i.e., all active bidders quitting simultaneously, that undermine its efficiency. Our second …

We consider the efficiency properties of exchange economies where privately informed traders behave strategically …

that the planner can asymptotically achieve allocative efficiency through a two-stage disclosure rule. The signal in the …

inefficient household decisions on market performance is investigated. At one extreme, market efficiency can occur even when … market. At the other extreme, market efficiency is bound to fail, if household inefficiencies are solely caused by an … stability requires efficient or not too inefficient internal distribution. -- allocative efficiency ; general equilibrium …

limit, and investigate the impact of trade on welfare and efficiency. Contrary to the constant elasticity case, in which all … competitive limit, we finally illustrate that trade raises efficiency by narrowing the gap between the equilibrium utility and the …

withhold goods from weaker agents. Here, gift giving by stronger agents is needed to achieve Pareto efficiency. We argue that …

's interests very weakly (liability rules with a very low compensation level). Efficiency is obtained as long as the degree of …