Ready to trade? On budget-balanced efficient trade with uncertain arrival
研究了在交易者价值和成本随时间随机变化、且参与时间不确定的情况下，设计高效重复双边贸易机制的问题，发现高效交易必然导致预算赤字。
This paper studies the design of efficient mechanisms for repeated bilateral trade in settings where (i) traders' values and costs evolve randomly with time, and (ii) the traders become ready and available to participate in the mechanism at random times. Under a weak condition, analogous to the non-overlapping supports condition of Myerson and Satterthwaite (1983), efficient trade is only feasible if the mechanism runs an expected budget deficit. The smallest such deficit is attainable by a sequence of static mechanisms.