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preferences for the ascending institution with bidders choosing it overwhelmingly often when entry prices for the two auctions are … the same. When the entry prices of the two auctions differ, many subjects can be shown to be willing to pay more to enter …
Persistent link: https://www.econbiz.de/10005125597
, look like auctions. We also discuss some more obvious applications, especially to industrial organization. …
Persistent link: https://www.econbiz.de/10005135125
We present the Progressive Second Price auction, a new decentralized mechanism for allocation of variable-size shares of a resource among multiple users. Unlike most mechanisms in the economics litterature, PSP is designed with a very small message space, making it suitable for real-time market...
Persistent link: https://www.econbiz.de/10005407539
a companion book, The Economic Theory of Auctions, Paul Klemperer (ed.), Edward Elgar (pub.), 1999.) We begin with the … most fundamental concepts, and then introduce the basic analysis of optimal auctions, the revenue equivalence theorem, and … number of bidders, collusion, multi-unit auctions, double auctions, royalties, incentive contracts, payments for quality …
Persistent link: https://www.econbiz.de/10005413297
auctions in situations where bidders have privately known "demand curves'' and extended to include situations with …
Persistent link: https://www.econbiz.de/10005118596
commodity market, posted price, tenders and auctions. In this paper, we discuss the use of these models for interaction between … brokering through Nimrod/G deadline and cost-based scheduling for two different optimization strategies on the World Wide Grid …
Persistent link: https://www.econbiz.de/10005134568
Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact...
Persistent link: https://www.econbiz.de/10005076916
For groups that must make several decisions of similar form, we define a simple and general mechanism that is designed to promote social efficiency. The mechanism links the various decisions by forcing agents to budget their representations of preferences so that the frequency of preferences...
Persistent link: https://www.econbiz.de/10005077065
We characterize the outcomes of games when players may make binding offers of strategy contingent side payments before the game is played. This does not always lead to efficient outcomes, despite complete information and costless contracting. The characterizations are illustrated in a series of...
Persistent link: https://www.econbiz.de/10005134969
We argue that it is natural to study social institutions within the framework of standard game theory (i.e., only by resorting to concepts like players, actions, strategies, information sets, payoff functions, and stochastic processes describing the moves of nature, which constitute a stochastic...
Persistent link: https://www.econbiz.de/10005062334