Efficiency of Large Double Auctions
研究大型双向拍卖，在私人价值、非对称、非独立、多单位及随机参与等一般条件下，证明满足“一点独立性”的均衡是渐近有效的，且无效率以(1/n)^(2α)速率消失。
We consider large double auctions with private values. Values need be neither symmetric nor independent. Multiple units may be owned or desired. Participation may be stochastic. We introduce a very mild notion of "a little independence." We prove that all nontrivial equilibria of auctions that satisfy this notion are asymptotically efficient. For any alpha>0, inefficiency disappears at rate (1/n)^(2 alpha). Copyright The Econometric Society 2006.