@article {70971,
	title = {Liquid Bundles},
	journal = {Journal of Economic Theory},
	volume = {158},
	year = {2015},
	pages = {634-655},
	abstract = {Parties in financial markets, industries, compensation design or politics may negotiate on either a piecemeal or a bundled basis. Little is known about the desirability of bundling when values are common and/or information endogenous. The paper shows that bundling encourages information-equalizing investments, thereby facilitating trade. It accordingly revisits and qualifies existing knowledge on security design.},
	author = {Emmanuel Farhi and Jean Tirole}
}
