“…Second, the minmax signal distribution is an equalrevenue distribution, defined by the property of a unit-elastic demand: in the monopoly pricing problem, the monopoly's revenue from charging any price in the support of this distribution is the same. Equal-revenue distributions are familiar in several literatures: they emerge endogenously in many robust mechanism design environments and information design environment, e.g., Bergemann and Schlag (2008), Carrasco et al (2018), Zhang (2021a), Roesler and Szentes (2017), Condorelli and Szentes (2020), Chen and Yang (2020), etc. Finally, the constituent equilibrium is the truth-telling equilibrium in which bidders always truthfully report their true signals.…”