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Supply function equilibria: Step functions and continuous representations

Holmberg, Pär; Newbery, David; Ralph, Daniel - In: Journal of Economic Theory 148 (2013) 4, pp. 1509-1551

In most electricity markets generators must submit step-function offers to a uniform price auction. These markets are …

Persistent link: https://www.econbiz.de/10011042945

The case for multi-unit single-run descending-price auctions

Martínez-Pardina, Irene; Romeu, Andrés - In: Economics Letters 113 (2011) 3, pp. 310-313

We show that a multiple-unit descending-price auction in which the clock is not reset after each sale may be faster and …

Persistent link: https://www.econbiz.de/10011041618

Why is equity order flow so persistent?

Tóth, Bence; Palit, Imon; Lillo, Fabrizio; Farmer, J. Doyne - In: Journal of Economic Dynamics and Control 51 (2015) C, pp. 218-239

Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the...

Persistent link: https://www.econbiz.de/10011190682

Primary auction of slots at European airports

Pertuiset, Thomas; Santos, Georgina - In: Research in Transportation Economics 45 (2014) C, pp. 66-71

We use the Vickrey–Clarke–Groves auction mechanism to propose a system of primary auctions of slots at congested …

Persistent link: https://www.econbiz.de/10010930570

Optimal Auctions with Endogenous Entry

Ye, Lixin - In: Contributions to Theoretical Economics 4 (2004) 1, pp. 1158-1158

We consider a single object, independent private value auction model with entry. Potential bidders are ex ante … that may lead to updated beliefs about other entrants' valuations. It is shown that the Vickrey auction with free entry … rich, then the Vickrey auction, up to its equivalent class, is also the only optimal sealed-bid auction. …

Persistent link: https://www.econbiz.de/10005086920

A New Payment Rule for Core-Selecting Package Auctions

Erdil, Aytek; Klemperer, Paul - C.E.P.R. Discussion Papers - 2009

We propose a new, easy-to-implement, class of payment rules, "Reference Rules," to make core-selecting package auctions more robust. Small, almost riskless, profitable deviations from "truthful bidding" are often easy for bidders to find under currently-used payment rules. Reference Rules...

Persistent link: https://www.econbiz.de/10008459772

Existence of an exact Walrasian equilibrium in nonconvex economies

D'Agata, Antonio - 2012

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the "nearby economy"approach introduced by Postlewaite and Schmeidler (Approximate Walrasian...

Persistent link: https://www.econbiz.de/10009521465

Radner equilibria under ambiguous volatility

Beißner, Patrick - 2013

The present paper considers a class of general equilibrium economics when the primitive uncertainty model features uncertainty about continuous-time volatility. This requires a set of mutually singular priors, which do not share the same null sets. For this setting we introduce an appropriate...

Persistent link: https://www.econbiz.de/10010212527

Core and Walrasian equilibria when agents' characteristics are extremely dispersed

Podczeck, Konrad - In: Economic Theory 22 (2003) 4, pp. 699-725

It is shown that core-Walras equivalence fails whenever the commodity space is a non-separable Banach space. The interpretation is that a large number of agents guarantees core-Walras equivalence only if there is actually a large number of agents relative to the size of the commodity space....

Persistent link: https://www.econbiz.de/10005371115

Generalized reduced-form auctions : a network-flow approach

Che, Yeon-Koo; Kim, Jinwoo; Mierendorff, Konrad - 2013 - Revised version, March 2013

We develop a network-flow approach for characterizing interim-allocation rules that can be implemented by ex post allocations. Our method can be used to characterize feasible interim allocations in general multi-unit auctions where agents face capacity constraints, both ceilings and floors....

Persistent link: https://www.econbiz.de/10009747806

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