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Keywords:

  • Independent private values;
  • incentive compatibility;
  • Bayesian implementations;
  • dominant-strategy implementation;
  • auctions;
  • adverse selection;
  • bilateral trade;
  • mechanism design

We prove—in the standard independent private-values model—that the outcome, in terms of interim expected probabilities of trade and interim expected transfers, of any Bayesian mechanism can also be obtained with a dominant-strategy mechanism.