发表机构
Tsinghua University（清华大学）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文通过递归嵌套卖方分布与买方价值下行传输构造困难实例，将双边贸易中随机报价机制的最坏情况效率上界从0.460242308改进至0.436943488。
AI 中文摘要
我们研究了双边贸易中随机报价机制相对于最优贸易收益的最坏情况效率。我们构造了一族独立的买方价值与卖方成本分布，其比率收敛于$0.436943488\ldots$，改进了此前$0.460242308\ldots$的上界。我们的构造将递归嵌套的卖方分布与买方价值的下行传输相结合。递归结构使得不同尺度的贡献得以累积，从而产生更强的困难实例。我们通过递推关系分析该构造，并获得了极限常数的解析刻画。
英文摘要
We study the worst-case efficiency of the random-offerer mechanism in bilateral trade relative to the first-best gains from trade. We construct a family of independent buyer value and seller cost distributions whose ratio converges to $0.436943488\ldots$, improving the previous upper bound of $0.460242308\ldots$. Our construction combines recursively nested seller distributions with downward transport of buyer values. The recursive structure allows contributions from different scales to accumulate, leading to stronger hard instances. We analyze this construction through a recurrence and obtain an analytic characterization of the limiting constant.
