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Strategic Supply Function Competition with Private Information
Vives, Xavier - C.E.P.R. Discussion Papers - 2008
A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function equilibrium is characterized; the equilibrium is privately...
Persistent link: https://www.econbiz.de/10005789071
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The Price of Liquidity: Bank Characteristics and Market Conditions
Fecht, Falko; Nyborg, Kjell G; Rocholl, Jörg - C.E.P.R. Discussion Papers - 2010
We identify frictions in the market for liquidity as well as bank-specific and market-wide factors that affect the prices that banks pay for liquidity, captured here by borrowing rates in repos with the central bank and benchmarked by the overnight index swap. We have price data at the...
Persistent link: https://www.econbiz.de/10008530368
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Asset Auctions, Information, and Liquidity
Vives, Xavier - C.E.P.R. Discussion Papers - 2010
A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common … help explain the response of central banks to the crisis, and suggest potential improvements in the auction formats of …
Persistent link: https://www.econbiz.de/10008468554
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A Model of the Open Market Operations of the European Central Bank
Ayuso, Juan; Repullo, Rafael - C.E.P.R. Discussion Papers - 2000
We construct a model to analyse the two types of tender procedures used by the European Central Bank (ECB) in its open market operations. We assume that the ECB minimizes the expected value of a loss function that depends on the quadratic difference between the interbank rate and a target...
Persistent link: https://www.econbiz.de/10005504412
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The Product-Mix Auction: a New Auction Design for Differentiated Goods
Klemperer, Paul - C.E.P.R. Discussion Papers - 2009
I describe a new static (sealed-bid) auction for differentiated goods - the "Product-Mix Auction". Bidders bid on … multiple assets simultaneously, and bidtakers choose supply functions across assets. The auction yields greater efficiency … less vulnerable to collusion, than a simultaneous multiple round auction. I designed it after the 2007 Northern Rock bank …
Persistent link: https://www.econbiz.de/10005048551
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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
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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
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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
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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
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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