We study the role of communication in repeated games with private monitoring. In such games, players receive only noisy private signals about each other's actions. For a fixed discount factor, we identify conditions under which there are equilibria with "cheap talk" that result in nearly...

We study equilibria of first- and second-price auctions with resale in a model with independent private values. With asymmetric bidders, the resulting inefficiencies create a motive for post-auction trade. In our basic model, resale takes place via monopoly pricing - the winner of the auction...

We study first- and second-price auctions with resale in a model with independent private values. With asymmetric bidders, the resulting inefficiencies create a motive for post-auction trade which, in our model, takes place via monopoly pricing - the winner makes a take-it-or-leave-it offer to...

Antitrust authorities view the exchange of detailed information among firms regarding costs, prices or sales as being potentially anti-competitive. The reason is that such exchanges may allow competitors to closely monitor each other, thereby facilitating greater coordination. But the exchange...