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Chaturvedi, Rakesh
Economics letters, September 2023, 2023-09-00, Letnik: 230Journal Article
For trade involving perfect complements and fragmented ownership, lower bounds on the deficit cost of supporting efficiency is provided by first providing informative estimates for the generalized VCG mechanism, then doing so for all incentive-feasible direct mechanisms, and finally for all voluntary trading mechanisms. •Trade involving perfect complements with fragmented ownership is plagued by the holdout problem.•Lower bound on the deficit cost of supporting efficiency in second-best mechanisms is provided.•The generalized VCG mechanism plays a crucial role in the estimates.
