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We consider discriminatory auctions for multiple identical units of a good. Players have private values, possibly for multiple units. None of the usual assumptions about symmetry of players' distributions over values or of their equilibrium play are made. Because of this, equilibria will...
Persistent link: https://www.econbiz.de/10005824517
then identify policies that can improve welfare without requiring the government to have any informational advantage vis …
Persistent link: https://www.econbiz.de/10008597110
there is room for policies that correct the way agents use information in equilibrium, and what are the welfare effects of …
Persistent link: https://www.econbiz.de/10008597115
Contracts adopted with later renegotiation in mind may take simple forms. In a principal-agent model, if renegotiation …
Persistent link: https://www.econbiz.de/10005766727
this sense; renegotiation does not reduce welfare. When the agent can finely control the probabilities of observable …
Persistent link: https://www.econbiz.de/10005766769
We develop a model of consulting (advising) where the role of the consultant is that she can reveal signals to her …
Persistent link: https://www.econbiz.de/10005766816
Affiliation has been a prominent assumption in the study of economic models with statistical dependence. Despite its large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of. This paper shows that affiliation is a restrictive...
Persistent link: https://www.econbiz.de/10008578135
We study all-pay auctions (or wars of attrition), where the highest bidder wins an object, but all bidders pay their bids. We consider such auctions when two bidders alternate in raising their bids and where all aspects of the auction are common knowledge including bidders' valuations. We...
Persistent link: https://www.econbiz.de/10005588742
I consider a exible framework of strategic interactions under incomplete information in which, prior to committing their actions (consumption, production, or investment decisions), agents choose the attention to allocate to an arbitrarily large number of information sources about the primitive...
Persistent link: https://www.econbiz.de/10011165550
equilibrium welfare with respect to the quality of public information). Finally, we illustrate the implications of our results in …
Persistent link: https://www.econbiz.de/10010583646