In the ascending-price auctions with Yahoo!-type buy-it-now (BIN), we characterize and derive the closed-form solution for the optimal bidding strategy of the bidder and the optimal BIN price of the seller when they are both risk-averse. The seller is shown to be strictly better o with the BIN...

History has seen many examples of the lone man ñ like Christ, Luther, Gandhi, or Hitler -- who without initial wealth or position, succeeds in changing the behavior of an entire society, for good or for ill. Whence comes this power. No doubt such leaders have possessed extraordinary ability,...

In the ascending-price auctions with Yahoo!-type buy-it-now (BIN), we characterize and derive the closed-form solution for the optimal bidding strategy of the bidder and the optimal BIN price of the seller when they are both risk-averse. The seller is shown to be strictly better o with the BIN...

This paper proposes a simple model for multiple second-price auctions which run parallel to each other, in the sense that though they might not begin or end at the same time, they have certain periods of overlap. We characterize the equilibrium bidding strategy of the buyers and the equilibrium...

This paper extends the results in Hidvegi et al. (2006) to the case when the number of bidders is common knowledge in an English auction with buy-out. In that case when some bidders drop out, the remaining bidders have to update their information, and change the threshold auction price at which...

The paper considers an ascending price auction with two bidders, in which the buyers are given the additional option to obtain the object immediately by paying a fixed price (the buy-out price). We completely characterize the optimal bidding strategy of the bidder and the optimal buy-out price...

By modeling judicial torture as a war of attrition, the paper derives the optimal strategies of the magistrate and the accused defendant as functions of their characteristics and the nature of uncertainty. Torture can occur as an equilibrium outcome in which both parties take costly actions to...

This paper reviews recent developments in online and mobile banking in the United States that provide bank account holders with low-cost interfaces to manage account-to-account electronic money transfers. The paper analyzes the emerging decentralized market in which A2A money transfers are...

This paper investigates how buyers allocate their spending among debit, credit, and prepaid cards. Using the 2012 Diary of Consumer Payment Choice, I show that consumers tend to concentrate the majority of their transactions and a large value of their transactions on a single type of card. The...

The terms "window shopping" and "showrooming" refer to the activity in which potential buyers visit a brick-and-mortar store to examine a product but end up either not buying it or buying the product from an online retailer. This paper analyzes potential buyers who differ in their preference for...