Allocation mechanisms beyond a single symmetric execution auction

Extend the analysis of sandwich execution rights to multi-stage or asymmetric allocation mechanisms while retaining exact theorems.

Background

The paper models post-signal competition as a first-price auction in which symmetric risk-neutral traders compete for a single execution slot, and it characterizes the resulting pure-strategy perfect Bayesian equilibria. More general allocation mechanisms could involve multiple stages, asymmetric traders, or other forms of strategic competition. Establishing exact results in those settings is explicitly left unresolved.