We analyze optimal trading mechanisms in an exchange economy where each trader owns some units of a good to be traded and may be either a seller or a buyer, depending on the realization of the privately observed valuations. The concept of virtual valuation is extended to ex ante unidentified...

Purpose – It is argued that problem‐based learning (PBL) is a valuable approach to teaching operations management, as it allows learners to apply their knowledge and skills in an environment that is close to real‐life. In fact, many simulations currently exist in the teaching of operations...