NOTES, COMMENTS, AND LETTERS TO THE EDITOR The Modified Vickrey Double Auction
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چکیده
We modify W. Vickrey's (1961, J. Finance 16, 8 37) mechanism for call markets by introducing the participation stage and study the efficiency properties of the modified mechanism. We provide sufficient conditions under which the modified Vickrey double auction achieves full efficiency. In addition, we prove that the modified Vickrey double auction achieves asymptotic efficiency even when full efficiency cannot be achieved. Journal of Economic Literature Classification Numbers: C72, D44, D82. 2001 Elsevier Science
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