Impact of second-order uncertainty on the efficiency of the 0.5-double auction
This paper studies the impact of second-order uncertainty on the (ex-post) efficiency of the 0.5-double auction. We consider a discrete double auction model in which the seller’s valuation is either v¯s or v¯s and the buyer’s valuation is either v¯b or v¯b with 0=v¯s
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