It is unclear how to perform ownership restructuring when an asset is privately held and there is uncertainty as to the owners' subjective valuations. When ownership is divided equally between two owners, a mechanism commonly used in practice is called a BMBY mechanism. This mechanism works as...

This paper investigates a procurement relationship between a welfare-oriented government and a private supplier. The agents face several versions of the trading good which differ in quality and production costs, and the differences between those items are undescribable ex ante. In presence of...