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- Mark A Satterwaite, Steven R Williams
- 2003

We consider a market for indivisible items with m buyers, each of whom wishes to buy at most one item, and m sellers, each of whom has one item to sell. The traders privately know their values/costs, which are statistically dependent. Two mechanisms for trading are considered. The buyer's bid double auction collects bids and offers from traders and… (More)

DeMarzo, Kremer and Skrzypacz (2005) considers auctions in which bids are selected from a completely ordered family of securities whose ultimate values are tied to the resource being auctioned. The paper defines a notion of relative steepness of families of securities and shows that a steeper family generates a higher expected revenue. Two key assumptions… (More)

We study the problem of selling a resource through an auction mechanism. The winning buyer in turn develops this resource to generate profit. Two forms of payment are considered: charging the winning buyer a one-time payment, or an initial payment plus a profit sharing contract (PSC). We consider a symmetric interdependent values model with risk averse or… (More)

Limited observability is the assumption that economic agents can only observe a finite amount of information. Given this constraint, contracts among agents are necessarily finite and incomplete in comparison to the ideal complete contract that we model as infinite in detail. We consider the extent to which finite contracts can approximate the idealized… (More)

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