Supplement to “ Transparency and price formation ”
نویسندگان
چکیده
This supplement has three parts. The first part considers the family of power function distributions F(v)= vα with support [0 1].1 The second part considers a two-period model with general distributions. It is shown that cutoffs (and, hence, the sum of discounted payoffs) can be uniformly ranked. In the third part, we discuss the technical difficulties associated with ranking the equilibrium cutoff levels in more general models.
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