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Substitute Valuations, Auctions, and Equilibrium with Discrete Goods

Strulovici, Bruno; Milgrom, Paul - Department of Economics, Oxford University - 2007

For economies in which goods are available in several (discrete) units, this paper identifies two notions of substitutes. The weaker notion guarantees monotonicity of tatonnement processses and convergence of clock auctions to a pseudo-equilibrium, but only the stronger notion, which treats each...

Persistent link: https://www.econbiz.de/10005047945

Auctions: Theory and Practice

Klemperer, Paul - Department of Economics, Oxford University - 2004

This book is a non-technical introduction to auction theory; its practical application in auction design (including … many examples); and its uses in other parts of economics. It can be used for a graduate course on auction theory, or â€“ by … picking selectively â€“ an advanced undergraduate or MBA course on auctions and auction design. Part A introduces the basic …

Persistent link: https://www.econbiz.de/10011133069

Prices and the Winners Curse

Klemperer, Paul; Bulow, Jeremy - Department of Economics, Oxford University - 1998

We usually assume increases in supply, allocation by rationing, and exclusion of potential buyers will never raise prices. But all of these activities raise the expected price in an important set of cases when common-value assets are sold. Furthermore, when we make the assumptions needed to rule...

Persistent link: https://www.econbiz.de/10010604842

Why Every Economist Should Learn some Auction Theory

Klemperer, Paul - Department of Economics, Oxford University - 2000

None available

Persistent link: https://www.econbiz.de/10010604844

Auction Theory: A Guide to the Literature

Klemperer, Paul - Department of Economics, Oxford University - 1999

This paper, forthcoming in Journal of Economic Surveys, provides an elementary, non-technical, survey of auction theory …

Persistent link: https://www.econbiz.de/10010604889

Auctions with Almost Common Values: The Wallet Game and its Applications

Klemperer, Paul - Department of Economics, Oxford University - 1997

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

Persistent link: https://www.econbiz.de/10010605030

Applying Auction Theory to Economics

Klemperer, Paul - Department of Economics, Oxford University - 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 arguments and insights in a broad range of mainstream …

Persistent link: https://www.econbiz.de/10010605125

Price, Trade Size, and Information Revelation in Multi-Period Securities Markets

Ozsoylev, Han N.; Takayama, Shino - Department of Economics, Oxford University - 2005

We study price formation in securities markets, using the sequential trade framework of Glosten and Milgrom [7]. This paper makes one basic methodological advance over previous research on sequential securities trading: we allow traders to choose from n trade sizes in a multi-period market,...

Persistent link: https://www.econbiz.de/10010661423

Strategic Hedging and Investment Efficiency

Raposo, Clara - Department of Economics, Oxford University - 1998

This paper links real investment policy to corporate risk management, endogenizing the costs of external financing. Previous literature finds investment efficiency linked to full hedging. In this model, a firm with proprietary information when deciding its investment in a valuable project, may...

Persistent link: https://www.econbiz.de/10010661425

Conformism, Public News and Market Efficiency

Desgranges, Gabriel; Rochon, Celine - Department of Economics, Oxford University - 2008

We study the implications of conformism among analysts in a CARA Gaussian model of the market for a risky asset, where a trader's information is a message sent by an analyst. Conformism increases the weight of the public information in the messages, decreasing their informativeness. More...

Persistent link: https://www.econbiz.de/10011004281