?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F25640%2F&rft.title=Dynamic+Mechanism+Design&rft.creator=Garrett%2C+Daniel+F.&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=We+study+the+optimal+mechanism+in+a+dynamic+sales+relationship+where+the+buyer%C3%ADs+arrival+date+is+uncertain%2C+and+where+his+value+changes+stochastically+over+time.+The+buyer%C3%ADs+arrival+date+is+the+%C3%96rst+date+at+which+contracting+is+feasible+and+is+his+private+information.+To+induce+immediate+participation%2C+the+buyer+is+granted+positive+expected+rents+even+if+his+value+at+arrival+is+the+lowest+possible.+The+buyer+is+punished+for+arriving+late%3B+i.e.%2C+he+expects+to+earn+less+of+the+surplus.+Optimal+allocations+for+a+late+arriver+are+also+further+distorted+below+%C3%96rst-best+levels.+Conditions+are+provided+under+which+allocations+converge+to+the+e%C2%A2+cient+ones+long+enough+after+contracting%2C+and+this+convergence+occurs+irrespective+of+the+time+the+contract+is+initially+agreed+(put+di%C2%A7erently%2C+the+so-called+%22principle+of+vanishing+distortions%22+introduced+by+Battaglini+(2005)+continues+to+apply+irrespective+of+the+buyer%C3%ADs+arrival+date).&rft.publisher=TSE+Working+Paper&rft.date=2017-06&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=en&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F25640%2F1%2Ffinal_geb_dynamic_arrivals.pdf&rft.identifier=++Garrett%2C+Daniel+F.++(2017)++Dynamic+Mechanism+Design%3A+Dynamic+Arrivals+and+Changing+Values.+TSE+Working+Paper%2C+n.+17-830%2C+Toulouse+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F31911&rft.language=en