Asymmetric auction mechanism vs bilateral trade inefficiency

In this paper asymmetric auctions have been revisited and have been tested in order to proof that Myerson-Satterthwaite theorem does hold when auction is the mechanism of trade. This result is actually an extension of the theorem. In asymmetric auctions bidders are of different types (different CDF’s) i.e. the follow different distribution types, convergence achieved is inefficient, we present a case of double auctions also that is inefficient though efficiency there can be “improved” through k-level of thinking.