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existence of market equilibrium for diversifiable multi-unit auctions. After obtaining the induced bundle auction of a … equilibrium as well, which corresponds very naturally to an outcome in the matching core of the TU game. Consequently we show that … the matching core of the nonnegative TU game is non-empty if and only if the induced market game has a market equilibrium …
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This paper analyses the efficiency of the Texas shootout and ½-auction partnership dissolution mechanisms when one of … positively depends on the probability of such observation while for ½-auction mechanism such relationship is not monotonic: the …
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This paper presents the results of an experimental study on how people use their private information to estimate the “fair” futures price, and how the quality of this information affects the traders' behavior and desire to trade. It finds that subjects are able to use their information...
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This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. In contrast, we examine cases where buyers are better informed than sellers. This creates an inverse adverse selection problem: The market...
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