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because it is prone to rushes, i.e., all active bidders quitting simultaneously, that undermine its efficiency. Our second …
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We consider the efficiency properties of exchange economies where privately informed traders behave strategically …
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We give a sufficient condition on the type space for revenue equivalence when the set of social alternatives consists of probability distributions over a finite set. Types are identified with real-valued functions that assign valuations to elements of this finite set, and the type space is...
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This paper provides a micro-foundation for approximate incentive compatibility using ambiguity aversion. In particular, we propose a novel notion of approximate interim incentive compatibility, approximate local incentive compatibility, and establish an equivalence between approximate local...
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