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econ.TH2026
Exact Budget Balance via Payment-Rule Ambiguity: Incentive Preservation, Transfer Capacity, and Participation
Hiroaki Odahara
This paper asks whether the payment side of an incentive-compatible mechanism can be repaired so that every realized settlement balances exactly while the allocation and all report…
econ.TH2026
The Targeted-Loss Exposure Frontier in Auctions
Hiroaki Odahara
Pay-to-bid auctions charge participants before allocation and therefore make losing-side payments vulnerable to seller intervention. This paper introduces targeted-loss exposure, a…