We examine the rate of convergence to efficiency in the buyer?s bid double auction for sequences of markets in which the number m of buyers can be arbitrarly larger than the number n of sellers. This rate is shown to be O(n/m2) when m, n are such that m*_ for a constant _ 1. This is consistent...

A mechanism that is both efficient and incentive compatible in the Bayesian-Nash sense is shown to be payoff-equivalent to a Groves mechanism at the point in time when each agent has just acquired his private information. This equivalence result simplifies the question of whether or not an...