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The Rise of the Machines: Automation, Horizontal Innovation and Income Inequality

Hemous, David; Olsen, Morten - C.E.P.R. Discussion Papers - 2014

We construct an endogenous growth model of directed technical change with automation (the introduction of machines … are low, which induces little automation, such that income inequality and labor's share of GDP are constant. Second, as … low-skill wages increase, investment in automation is stimulated, which depresses the future growth rate of low …

Persistent link: https://www.econbiz.de/10011084688

The Impact of the Droit de Suite in the UK: An Empirical Analysis

Banternghansa, Chanont; Graddy, Kathryn - C.E.P.R. Discussion Papers - 2009

changes in the UK auction market for art that is subject to the Droit de Suite (DDS), relative to changes for art not subject … to the DDS, and also relative to changes in the auction markets for art in countries where there has been no change in … impact on the UK art auction market. …

Persistent link: https://www.econbiz.de/10005662156

Mixed Bundling Auctions

Jehiel, Philippe; Meyer-Ter-Vehn, Moritz; Moldovanu, Benny - C.E.P.R. Discussion Papers - 2006

. For any number of objects and bidders, both the pure bundling auction and separate, efficient auctions for the single … objects are revenue-inferior to an auction that involves mixed bundling. …

Persistent link: https://www.econbiz.de/10005667050

On the Uniqueness of Optimal Prices Set by Monopolistic Sellers

den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2005

This paper considers price determination by monopolistic sellers who know the distribution of valuations among the potential buyers. We derive a novel condition under which the optimal price set by the monopolist is unique. In many settings, this condition is easy to interpret, and it is valid...

Persistent link: https://www.econbiz.de/10005789129

Properties of Scoring Auctions

Asker, John; Cantillon, Estelle - C.E.P.R. Discussion Papers - 2004

This Paper studies scoring auctions, a procedure commonly used to buy differentiated products: suppliers submit offers on all dimensions of the good (price, level of non monetary attributes), and these are evaluated using a scoring rule. We provide a systematic analysis of equilibrium behaviour...

Persistent link: https://www.econbiz.de/10005497976

How to Win a Decision in a Confederation

Jehiel, Philippe; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 2002

This Paper deals with collective decision making within a group of independent jurisdictions. The right to choose the public policy is delegated from the central authority of one of the jurisdictions through a bidding procedure among the group members. We identify the following trade-off:...

Persistent link: https://www.econbiz.de/10005661614

Auction Theory: a Guide to the Literature

Klemperer, Paul - C.E.P.R. Discussion Papers - 1999

This paper provides an elementary, non-technical, survey of auction theory, by introducing and describing some of the …

Persistent link: https://www.econbiz.de/10005666747

Almost Common Value Auctions: The 'Wallet Game' and its Applications to Takeover Battles and Airwaves Auctions

Klemperer, Paul - C.E.P.R. Discussion Papers - 1997

We use a classroom game, the ‘Wallet Game’, to show that in standard ascending, i.e. English, auctions of close-to-common-values objects, even slight asymmetries between bidders can have very large effects on prices. Examples of small asymmetries are a small value advantage for one bidder or...

Persistent link: https://www.econbiz.de/10005791269

Reserve Prices in Auctions as Reference Points

Rosenkranz, Stephanie; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2004

We consider second-price and first-price auctions in the symmetric independent private values framework. We modify the standard model by the assumption that the bidders have reference-based utility, where the reserve price (minimum bid) plays the role of the reference point. In contrast to the...

Persistent link: https://www.econbiz.de/10005792017

Why every Economist should Learn some Auction Theory

Klemperer, Paul - C.E.P.R. Discussion Papers - 2000

in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and … argue that auction-theoretic tools and intuitions can provide useful argument and insights in a broad range of mainstream …

Persistent link: https://www.econbiz.de/10005792157