Moldovanu, Benny () (Department of Economics, University of Mannheim, Germany) Fieseler, Karsten () (Sonderforschungsbereich 504) Kittsteiner, Thomas () (Sonderforschungsbereich 504)
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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 agents’ signals, it is more difficult to achieve efficient trade with interdependent values than with private values (where the respective derivatives are zero.) In contrast, if valuations are decreasing functions of other agents’ signals, it is easier to achieve efficient trade with interdependent values. Our results unify and generalize the insights of Cramton et al. [1987], Myerson and Satterthwaite [1983], and Akerlof [1970].
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Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number
01-18.
Length: 21 pages Date of creation: 15 Jul 1999 Date of revision: Handle: RePEc:xrs:sfbmaa:01-18
Note: We wish to thank the German Science Foundation for financial help through SFB 504 and GK ”Finanz- und Guetermaerkte” at the University of Mannheim. We have greatly benefitted from the comments made by an associated editor and by two anonymous referees. We are also grateful to Jörg Nikutta and seminar participants at Bonn, Mannheim, University College London, and Tilburg for helpful remarks. e-mail: mold@pool.uni-mannheim.de Contact details of provider: Postal: D-68131 Mannheim Phone: (49) (0) 621-292-2547 Fax: (49) (0) 621-292-5594 Email: Web page: http://www.sfb504.uni-mannheim.de/ More information through EDIRC
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
Sandro Brusco & Giuseppe Lopomo & S Viswanathan, 2004.
"Merger Mechanisms,"
Levine's Bibliography
122247000000000379, UCLA Department of Economics.
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Stefano Comino & Antonio Nicolò & Piero Tedeschi, 2006.
"Termination Clauses in Partnerships,"
Working Papers
20060505, Università degli Studi di Milano-Bicocca, Dipartimento di Statistica.
[Downloadable!]
Helmut Bester & Karl Wärneryd, 2006.
"Conflict and the Social Contract,"
Discussion Papers
94, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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