Moldovanu, Benny; Fieseler, Karsten; Kittsteiner, Thomas - Sonderforschungsbereich 504 "Rationalitätskonzepte, …; … - 1999
We analyze the possibility of efficient trade with informationally interdependent valuations and with a dispersed ownership. A crucial role is played by the sign of the derivatives that measure how valuation functions depend on others’ signals. If valuations are increasing functions of other...