Robust Mechanism Design of Exchange

In this paper, we provide mechanisms for exchange economies with private
information and interdependent values, which are ex post individually
rational, incentive compatible, generate budget surplus, and are ex post
nearly efficient, with many agents. Our framework is entirely prior-free, and
we make no symmetry restrictions. The mechanisms can be implemented using a
novel discriminatory conditional double auction, without knowledge of
information structure or utility functions. We also show that no other
mechanism satisfying the constraints can generate inefficiency of smaller order.

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