| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5072205 | Games and Economic Behavior | 2012 | 16 Pages |
Abstract
⺠Prior to an auction, biddersʼ values evolve due to investments and shocks. ⺠We demonstrate that a highly-decentralized mechanism achieves efficiency. ⺠The mechanism utilizes an initial round of public signaling. ⺠We address the equilibrium-selection issue via virtual implementation.
Related Topics
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Economics and Econometrics
Authors
Brendan Daley, Michael Schwarz, Konstantin Sonin,