Informed Principal Problems in Bilateral Trading

• Tác giả: Takeshi Nishimura
• Ngôn ngữ: eng
• Ký hiệu phân loại: 341.75 International economic law
• Thông tin xuất bản: 2019
• Bộ sưu tập: Metadata
• ID: 163030

Tóm tắt

We study bilateral trade with interdependent values as an informed-principal problem. The mechanism-selection game has multiple equilibria that differ with respect to principal's payoff and trading surplus. We characterize the equilibrium that is worst for every type of principal, and characterize the conditions under which there are no equilibria with different payoffs for the principal. We also show that this is the unique equilibrium that survives the intuitive criterion.