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Bilateral trading with contingent contracts
- Authors
- Yoon, Kiho
- Issue Date
- 6월-2020
- Publisher
- SPRINGER HEIDELBERG
- Keywords
- Bilateral trading; Contingent contracts; Ex-post efficiency; Linear contracts; Royalty contracts
- Citation
- INTERNATIONAL JOURNAL OF GAME THEORY, v.49, no.2, pp.445 - 461
- Indexed
- SCIE
SSCI
SCOPUS
- Journal Title
- INTERNATIONAL JOURNAL OF GAME THEORY
- Volume
- 49
- Number
- 2
- Start Page
- 445
- End Page
- 461
- ISSN
- 0020-7276
- Abstract
- We study the bilateral trading problem under private information. We characterize the range of possible mechanisms which satisfy ex-post efficiency, incentive compatibility, individual rationality, and budget balance. In particular, we show that the famous Myerson-Satterthwaite impossibility result no longer holds when contingent contracts are allowed.
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