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This paper reports on experiments testing the viability of markets for cheap talk information. We find that the poor quality of the information transmitted leads to a collapse of information markets. The reasons for this are surprising given the previous experimental results on cheap-talk games....
Persistent link: https://www.econbiz.de/10011822038
This study compares the efficacy of some commonly observed vendor selection and contracting mechanisms with respect to two key challenges in service outsourcing: vendor selection and contract efficiency. We show that competitive bidding yields good selection but contract inefficiency (positive...
Persistent link: https://www.econbiz.de/10014044192
Contests are often unfair in the sense that outperforming the rival may not be enough to be the winner, because one contestant is favored by the allocation rule, while the other one is handicapped. We consider a discriminatory contest with handicaps and derive the contestants equilibrium...
Persistent link: https://www.econbiz.de/10014106499
ensuing auction, leading to loss of efficiency and eliminating the revenue dominance typically observed in first …
Persistent link: https://www.econbiz.de/10014139280
This paper explores how a seller should transmit product information to bidders with horizontally differentiated preferences. Under cheap-talk, we show that, in an informative equilibrium, the seller provides less precise information for more popular product attributes. Second, for any given...
Persistent link: https://www.econbiz.de/10013250400
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This survey covers recent literature on lobbying, with particular focus on corporate lobbying. Three main research traditions --- contestsfor policy rent, persuasion games, and multiple means models --- are analyzed in detail. Various strategic aspects of lobbying arepresented in the context of...
Persistent link: https://www.econbiz.de/10009316408
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; and rst-price, second-price, and all-pay auctions. Second, we establish revenue equivalence of these auction mechanisms in … auctions. Finally, we identify an optimal mechanism and its implementation by means of reserve prices in lottery and auction …
Persistent link: https://www.econbiz.de/10010360354