Efficient sequential screening with informational externalities
研究了当买家估值依赖两个私人信号且信号随时间到达时，卖家如何设计序贯销售机制实现高效交易，提出了一个关于估值与社会福利关系的新条件。
Abstract A seller of an item faces a potential buyer whose valuation of the item depends on two private signals. It is well known that when there are informational externalities and the buyer’s private signals arrive all at once, it is impossible to implement an efficient sale. I show that if the buyer’s private signals arrive over time, then the seller can implement an efficient sale even in the presence of informational externalities. Specifically, I present a novel condition on the relationship between the buyer’s valuation and the social welfare that is necessary and sufficient for efficient sequential implementation.