The concept of types was introduced by Harsányi (1967-1968). In the literature there are two approaches for formalizing types, type spaces: the purely measurable and the topological models. In the former framework Heifetz and Samet (1998) showed that the universal type space exists and later...

The paper addresses the following question: how efficient is the market system in allocating resources if trade takes place at prices that are not competitive? Even though there are many partial answers to this question, an answer that stands comparison to the rigor by which the first and second...

This paper extends the literature on equilibria with coordination failures to arbitrary convex sets of admissible prices. This makes it possible to address coordination failures for cases with price indexation or more general price linkages between commodities. We introduce a new equilibrium...

A digital mechanism is defined as an iterative procedure in which bidders select an action, from a finite set, in each iteration. When bidders have continuous valuations and make strategic reports, we show that any ex post implementation of the Vickrey choice rule via such a mechanism needs...