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نویسندگان

  • Roger Myerson
  • Mark Satterthwaite
چکیده

The buyer’s type is his value  ∈ [ ] and the seller’s type is his cost  ∈ [ ]. The buyer’s value is drawn from a distribution (·) whose density (·) is nonzero on [ ], while the seller’s cost is drawn from the distribution  (·) whose density (·) is nonzero on [ ]. A trader observes his own type but not the type of the other trader. The buyer’s ex post utility from acquiring the item is  −  where  is any payment that he makes. The buyer’s utility is − when he makes the payment  and does not receive the item. Similarly, the buyer’s ex post utility from selling the item is −  where  is any payment that he receives. The seller’s utility is  when he receives the payment  and does not give up the item the item. A revelation mechanism consists of an allocation rule ( ) and ( ), where ( ) specifies the probability that the item is transferred and ( ) the payment from buyer to seller when  and  are reported. Notice that ( ) can be nonzero (money can change hands) even when the item is not transferred. The efficient allocation rule ( ) requires that

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تاریخ انتشار 2015