Dissolving A Partnership Efficiently (1987)
| Venue: | Econometrica |
| Citations: | 40 - 11 self |
BibTeX
@ARTICLE{Cramton87dissolvinga,
author = {Peter Cramton and Robert Gibbons and Paul Klemperer},
title = {Dissolving A Partnership Efficiently},
journal = {Econometrica},
year = {1987},
volume = {55},
pages = {615--632}
}
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Abstract
this paper: What partnerships can be dissolved efficiently? At first glance, one might think that the set of dissolvable partnerships is empty; that is, the incomplete information about valuations necessarily leads to some inefficiency in trade. This is not the case. The following theorem gives a necessary and sufficient condition for the existence of an efficient trading mechanism. THEOREM 1: A partnership with ownership rights r and valuations independently drawn from F can be dissolved efficiently if and only if (D)
Citations
| 279 | Efficient Mechanisms for Bilateral Trading - Myerson, Satterthwaite |
| 124 | Incentive Compatibility and the Bargaining Problem - Myerson - 1979 |
| 75 | Efficient and Durable Decision Rules with Incomplete Information - Holmström, Myerson - 1983 |
| 5 | The Rate at which a Simple Market Becomes Efficient as the Number of Traders Increases: an Asymptotic Result for Optimal Trading Mechanisms - Gresik, Satterthwaite - 1989 |
| 2 | A Comment on the Coase Theorem,” in Game Theoretic Models of Bargaining, edited by Alvin - SAMUELSON - 1985 |
| 1 | Fair Allocation of an Indivisible Commodity,” Working Paper - DAMME - 1985 |
