Bilateral trading with contingent contracts

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2

초록

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.

키워드

Bilateral tradingContingent contractsEx-post efficiencyLinear contractsRoyalty contractsAUCTIONSINFORMATIONSECURITIESPAYMENTS
제목
Bilateral trading with contingent contracts
저자
Yoon, Kiho
DOI
10.1007/s00182-019-00699-9
발행일
2020-06
유형
Article
저널명
International Journal of Game Theory
49
2
페이지
445 ~ 461