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Gilbert, Richard; Klemperer, Paul - C.E.P.R. Discussion Papers - 1993

Setting a price that results in rationing may be optimal for a seller whose customers must make a specific investment … to be able to use his product. Although rationing results in <MI>ex post<D> inefficiency, the resulting distribution of … higher profits than with market-clearing prices. Committing to a single price, and rationing if there is excess demand, can …

Persistent link: https://www.econbiz.de/10005788950

Price Controls and Consumer Surplus

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2009

The condition for when a price control increases consumer welfare in perfect competition is tighter than often realised. When demand is linear, a small restriction on price only increases consumer surplus if the elasticity of demand exceeds the elasticity of supply; with log-linear or...

Persistent link: https://www.econbiz.de/10004976788

Market and non-market mechanisms for the optimal allocation of scarce resources

Condorelli, Daniele - In: Games and Economic Behavior 82 (2013) C, pp. 582-591

A number of identical objects is allocated to a set of privately informed agents. Agents have linear utility in money. The designer wants to assign objects to agents that possess specific traits, but the allocation can only be conditioned on the willingness to pay and on observable...

Persistent link: https://www.econbiz.de/10010719488

The Pricing of Art and the Art of Pricing: Pricing Styles in the Concert Industry

Courty, Pascal; Pagliero, Mario - C.E.P.R. Discussion Papers - 2012

We document the existence of pricing styles in the concert industry. Artists differ in the extent to which they rely on second- and third-degree price discrimination and in how likely they are to sell out concerts. Most strikingly, artists who use multiple seating categories are more likely to...

Persistent link: https://www.econbiz.de/10011084535

Chapter 13. The Pricing of Art and the Art of Pricing: Pricing Styles in the Concert Industry

Courty, Pascal; Pagliero, Mario - In: Handbook of the economics of art and culture : volume 2, (pp. 299-356). 2014

We document the existence of pricing styles in the concert industry. Artists differ in the extent to which they rely on second- and third-degree price discrimination, and in the probability of their concerts selling out. Most strikingly, artists who use multiple seating categories are more...

Persistent link: https://www.econbiz.de/10014025401

Voluntary versus enforced team effort

Keser, Claudia; Montmarquette, Claude - In: Games 2 (2011) 3, pp. 277-301

We present a model where each of two players chooses between remuneration based on either private or team effort. Although at least one of the players has the equilibrium strategy to choose private remuneration, we frequently observe both players to choose team remuneration in a series of...

Persistent link: https://www.econbiz.de/10009752421

Resolving persistent uncertainty by self-organized consensus to mitigate market bubbles

Sornette, Didier; Andraszewicz, Sandra; Murphy, Ryan O.; … - 2016

We propose a new paradigm to study coordination in complex social systems, such as financial markets, that accounts for fundamental uncertainty. This new context has features from prediction markets that have been shown previously to mitigate price bubbles in classical asset market experiments....

Persistent link: https://www.econbiz.de/10011514493

A Theory of Fairness, Competition and Cooperation

Fehr, Ernst; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1998

There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet, when they are given the opportunity to punish...

Persistent link: https://www.econbiz.de/10005504682

Relational aspects of decisions to sell

Jefferson, Therese; Taplin, Ross - In: Journal of Behavioral and Experimental Economics … 41 (2012) 5, pp. 697-704

Mental accounting has been identified as an important source of non-fungibility in household and individual decision making. Ostensibly uniform assets, including cash, are perceived differently according to their originating source. In this study we examine assumptions of fungibility by using...

Persistent link: https://www.econbiz.de/10010580763

Inferring discount rates from time-preference experiments

Duquette, Eric; Higgins, Nathaniel; Horowitz, John - In: Economics Letters 123 (2014) 2, pp. 212-215

We observe that identification of the discount rate from experimental data requires an assumption about the consumption period, the length of time over which a payment will be turned into utility-providing consumption. We show that the optimal consumption period is substantially longer than...

Persistent link: https://www.econbiz.de/10010906364

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