We combine the traditions of Coase and Adam Smith to look for the most efficient mechanisms in situations where buyers need sequences of human asset services, but only know their sequence one step ahead. The environment has two critical features: (a) multilateral matching allows gains from...

A growing number of governments are persuading private firms to build and operate infrastructure projects for them. Since the initial contract between the government and firm is based on forecasted demand, the government can renegotiate to adjust it after demand is realized. We use stylized...