Efficient mechanisms for level-k bilateral trading
This paper revisits Myerson and Satterthwaite's (1983) classic analysis of mechanism design for bilateral trading, replacing equilibrium with a level-<em>k</em> model of strategic thinking and focusing on direct mechanisms. The revelation principle fails for level-<em>k</em...
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| Format: | Journal article |
| Language: | English |
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Elsevier
2021
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