Partnership dissolution and proprietary information
This article analyzes simple rules for dissolving a common value partnership in which one partner holds proprietary information. The winner’s bid auction and the loser’s bid auction are payoff equivalent and both favor the informed partner. If it is verifiable which partner is informed, the cake-cutting mechanism (CCM) generates a “fair” allocation by making the informed partner the proposer. If that information is not verifiable and the identity of the proposer is determined through a lottery, the CCM favors the informed partner, too. Moreover, CCM is fairer than the auctions for common distributions of the asset value. Copyright Springer-Verlag 2013
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 40 (2013)
Issue (Month): 2 (February)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/355|
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.:
- Che, Yeon-Koo & Hendershott, Terrence, 2008.
"How to divide the possession of a football?,"
Elsevier, vol. 99(3), pages 561-565, June.
- Stefano Galavotti & Nozomu Muto & Daisuke Oyama, 2011. "On efficient partnership dissolution under ex post individual rationality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 48(1), pages 87-123, September.
- James Andreoni & Yeon-Koo Che & Jinwoo Kim, 2005.
"Asymmetric Information about Rivals’ Types in Standard Auctions: An Experiment,"
666156000000000474, UCLA Department of Economics.
- Andreoni, James & Che, Yeon-Koo & Kim, Jinwoo, 2007. "Asymmetric information about rivals' types in standard auctions: An experiment," Games and Economic Behavior, Elsevier, vol. 59(2), pages 240-259, May.
- James Andreoni & Yeon-Koo Che & Jinwoo Kim, 2006. "Asymmetric Information about Rivals’ Types in Standard Auctions: An Experiment," Levine's Bibliography 321307000000000293, UCLA Department of Economics.
- Andreoni,J. & Che,Y.-K. & Kim,J., 2006. "Asymmetric information about rivals' types in standard auctions : an experiment," Working papers 6, Wisconsin Madison - Social Systems.
- María-Angeles de Frutos & Thomas Kittsteiner, 2008.
"Efficient partnership dissolution under buy-sell clauses,"
RAND Journal of Economics,
RAND Corporation, vol. 39(1), pages 184-198.
- Frutos, María Ángeles de & Kittsteiner, Thomas, 2006. "Efficient partnership dissolution under buy-sell clauses," UC3M Working papers. Economics we072816, Universidad Carlos III de Madrid. Departamento de Economía.
- Maria Angeles de Frutos & Thomas Kittsteiner, 2004. "Efficient partnership dissolution under buy/sell clauses," Bonn Econ Discussion Papers bgse1_2004, University of Bonn, Germany, revised Jul 2004.
- Kittsteiner, T. & De Frutos & M-A, 2004. "Efficient Partnership Dissolution under Buy/Sell Clauses," Econometric Society 2004 Latin American Meetings 314, Econometric Society.
- John L. Turner & Emanuel Ornelas, 2004.
"Efficient Dissolution of Partnerships and the Structure of Control,"
Econometric Society 2004 North American Summer Meetings
286, Econometric Society.
- Ornelas, Emanuel & Turner, John L., 2007. "Efficient dissolution of partnerships and the structure of control," Games and Economic Behavior, Elsevier, vol. 60(1), pages 187-199, July.
- DavidJ. Cooper & Hanming Fang, 2008.
"Understanding Overbidding In Second Price Auctions: An Experimental Study,"
Royal Economic Society, vol. 118(532), pages 1572-1595, October.
- David J. Cooper & Hanming Fang, 2006. "Understanding Overbidding in Second Price Auctions: An Experimental Study," Cowles Foundation Discussion Papers 1557, Cowles Foundation for Research in Economics, Yale University.
- Paul Milgrom & Robert J. Weber, 1981.
"The Value of Information in a Sealed-Bid Auction,"
462, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Deborah Minehart & Zvika Neeman, 1999.
"Termination and Coordination in Partnerships,"
Journal of Economics & Management Strategy,
Wiley Blackwell, vol. 8(2), pages 191-221, 06.
- Frutos, María Ángeles de, 1997.
"Asymetric price-benefit auctions,"
UC3M Working papers. Economics
4141, Universidad Carlos III de Madrid. Departamento de Economía.
- Juan Dubra, 2004.
"A Correction to Uniqueness in 'Competitive Bidding and Proprietary Information',"
Game Theory and Information
- Dubra, Juan, 2006. "A correction to uniqueness in "Competitive Bidding and Proprietary Information"," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 56-60, February.
- Jianpei Li & Elmar Wolfstetter, 2010.
"Partnership dissolution, complementarity, and investment incentives,"
Oxford Economic Papers,
Oxford University Press, vol. 62(3), pages 529-552, July.
- Jianpei Li & Elmar G. Wolfstetter, 2004. "Partnership Dissolution, Complementarity, and Investment Incentives," CESifo Working Paper Series 1325, CESifo Group Munich.
- Moldovanu, Benny & Fieseler, Karsten & Kittsteiner, Thomas, 1999.
"Partnerships, Lemons and Efficient Trade,"
Sonderforschungsbereich 504 Publications
01-18, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Engelbrecht-Wiggans, Richard & Milgrom, Paul R. & Weber, Robert J., 1983. "Competitive bidding and proprietary information," Journal of Mathematical Economics, Elsevier, vol. 11(2), pages 161-169, April.
- Preston McAfee, R., 1992. "Amicable divorce: Dissolving a partnership with simple mechanisms," Journal of Economic Theory, Elsevier, vol. 56(2), pages 266-293, April.
- Bagnoli, M. & Bergstrom, T., 1989.
"Log-Concave Probability And Its Applications,"
89-23, Michigan - Center for Research on Economic & Social Theory.
- Hendricks, Kenneth & Porter, Robert H, 1988. "An Empirical Study of an Auction with Asymmetric Information," American Economic Review, American Economic Association, vol. 78(5), pages 865-883, December.
- Kittsteiner, Thomas, 2000.
"Partnerships and Double Auctions with Interdependent Valuations,"
Sonderforschungsbereich 504 Publications
01-15, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Kittsteiner, Thomas, 2003. "Partnerships and double auctions with interdependent valuations," Games and Economic Behavior, Elsevier, vol. 44(1), pages 54-76, July.
- Schweinzer, Paul, 2010. "Sequential bargaining with common values," Journal of Mathematical Economics, Elsevier, vol. 46(1), pages 109-121, January.
- Robert B. Wilson, 1967. "Competitive Bidding with Asymmetric Information," Management Science, INFORMS, vol. 13(11), pages 816-820, July.
- Donald B. Hausch, 1987. "An Asymmetric Common-Value Auction Model," RAND Journal of Economics, The RAND Corporation, vol. 18(4), pages 611-621, Winter.
When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:40:y:2013:i:2:p:495-527. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.