desirable properties, which highlights the strong tension between egalitarian-equivalence and efficiency. In contrast, in the … case of two agents and a single object, egalitarian-equivalence is compatible with efficiency. …

In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator' a bidder …

The paper reports on an experiment on two-player double-auction bargaining with private values. We consider a setting … no equilibrium achieving full efficiency. In the experiment, we vary the proportion of naive traders by introducing … computerized players. We find that full efficiency is not achieved in the experiment with or without naive traders, and efficiency …