The second-best bilateral trade mechanism captures at least 1/2 of first-best gains from trade, and the bound is tight.
Myerson and Mark A
2 Pith papers cite this work. Polarity classification is still indexing.
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In non-modular polymatroidal service markets, revenue-optimal DSIC mechanisms cannot also be credible for strategic operators, with tight welfare-loss bounds on the Cost of Non-Credibility across network topologies.
citing papers explorer
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Second-Best Bilateral Trade is $1/2$ Efficient
The second-best bilateral trade mechanism captures at least 1/2 of first-best gains from trade, and the bound is tight.
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Credibility Trilemma in Polymatroidal Service Markets
In non-modular polymatroidal service markets, revenue-optimal DSIC mechanisms cannot also be credible for strategic operators, with tight welfare-loss bounds on the Cost of Non-Credibility across network topologies.