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We study equilibria in second price auctions when bidders are independently and privately informed about both their values and participation costs and their joint distributions across bidders are not necessarily identical. We show that there always exists an equilibrium in this general setting...
Persistent link: https://www.econbiz.de/10010461152
We revisit the topic of national favoritism in government procurement in the context of international trade, focusing on the impact of a participation/transition cost difference between domestic and foreign firms. Our public tender model generates two kinds of equilibrium outcomes, where a...
Persistent link: https://www.econbiz.de/10012922183
For school choice problems with affirmative action, responsiveness is used as a measure of how a matching mechanism performs in terms of a certain type of affirmative action policy. We know that the Deferred Acceptance (DA) mechanism is not responsive to the priority-based affirmative action on...
Persistent link: https://www.econbiz.de/10013293737
China's economy underwent a steady recovery in 2021. Investment grew steadily with structural improvement. Exports and imports surged while trade surplus expanded. On the other hand, although labor market conditions improved, income distribution worsened, contributing to sluggish growth in...
Persistent link: https://www.econbiz.de/10013454213
The Chinese economy upheld a frail recovery in 2022 under the triple superposition of contraction of demand, disruption in supply, and weakening expectations, aggravated by unanticipated adverse shocks in the midst of global turmoil. Over the year, rising income uncertainty set off by the...
Persistent link: https://www.econbiz.de/10014288667
Purpose In the transitional process of promoting market-oriented interest rate, China is confronted with an important theoretical and practical issue: how to avoid bank runs and realize the smooth operation of the financial system. The purpose of this paper is to construct a bank-run dynamic...
Persistent link: https://www.econbiz.de/10012236272
In this dissertation I study theories on auctions with participation costs withvarious information structure.Chapter II studies equilibria of second price auctions with differentiated participationcosts. We consider equilibria in independent private values environments wherebidders? entry costs...
Persistent link: https://www.econbiz.de/10009465016
We study equilibria in second price auctions when bidders are independently and privately informed about both their values and participation costs and their joint distributions across bidders are not necessarily identical. We show that there always exists an equilibrium in this general setting...
Persistent link: https://www.econbiz.de/10010500279
This paper develops a theory to explain the Easterlin Paradox, which holds that average happiness levels do not necessarily increase as countries grow wealthier, by analyzing the different roles of income and non-income factors in promoting happiness. Our theory shows that happiness rises with...
Persistent link: https://www.econbiz.de/10012711252
This paper provides a simple, feasible, and continuous mechanism whose Nash allocations and strong Nash allocations coincide with constrained Walrasian allocations for pure exchange economies. This mechanism allows not only references and initial endowments but also coalition patterns to be...
Persistent link: https://www.econbiz.de/10009131597