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Endogenous Games and Mechanisms: Side Payments Among Players
Jackson, Matthew O.; Wilkie, Simon - EconWPA - 2002
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
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Econometric application of linear programming: a model of Russian large-scale farm (the case of the Moscow Region)
Svetlov, Nikolai - EconWPA - 2001
Linear programming model and general reciprocity theorem in mathematical programming are used to ap-proach utility functions of six large-scale Russian (the Moscow Region) case farms representing different production patterns. Technological coefficients of linear programmes are defined by means...
Persistent link: https://www.econbiz.de/10005407884
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Weber-Fechner's Law, Demand Function and Related Topics
Shigemoto, Kazuyasu - EconWPA - 2005
In our previous paper, we derive the demand function in the form p=du(x)/dx and we apply the Weber-Fechner's law to the … utility function and we obtain the demand function in the familiar form p=A/x. We compare our derivation of the demand … should distribute to N persons in n kinds of goods. By adding each person's demand function, we obtain the total demand …
Persistent link: https://www.econbiz.de/10005413270
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The Coase Problem: A Transformation of the Usual Utility Function
Maçãs, Paulo - EconWPA - 2003
Given that demand for durable goods is not constant over time, we propose in this article a transformation of the …
Persistent link: https://www.econbiz.de/10005413295
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Weber-Fechner's Law and Demand Function
Shigemoto, Kazuyasu - EconWPA - 2004
goods is of separable type u(x_1,x_2,...,x_n)=u_1(x_1)+u_2(x_2)+...+u_n(x_n), which gives the relation of the demand …-Fechner's law, becomes u_i(x_i)=A_i log (x_i/x(0)_i). Then we obtain each demand function in the familiar form p_i=A_i/x_i. …
Persistent link: https://www.econbiz.de/10005561835
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The Three Capitals of Pricing – Human, Systems and Social Capital
Ritson, Mark; Zbaracki, Mark; Dutta, Shantanu; Levy, Daniel - EconWPA - 2005
In this paper we explore the possibility, heretofore unexplored in the marketing literature, that firms “invest funds” in their pricing processes. This builds on some of the recent economic work on the costs of price adjustment. To do this we undertook a two-year, cross- disciplinary,...
Persistent link: https://www.econbiz.de/10005076823
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Entrepreneurial Efficiency: Theory
Takii, Katsuya - EconWPA - 2004
This paper models firms' entrepreneurial ability according to their ability to predict changes in productivity (i.e., their prediction ability), and derives an aggregate production function as a result of entrepreneurship. An increase in firms' prediction ability improves allocative efficiency...
Persistent link: https://www.econbiz.de/10005126334
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Entrepreneurial Efficiency: An Empirical Framework and Evidence
Takii, Katsuya - EconWPA - 2004
This paper examines a particular aspect of entrepreneurship, namely firms' activities in adapting to idiosyncratic environmental changes by appropriately reallocating resources. It presents an empirical framework that examines the social value of firms' abilities to predict and adapt to the...
Persistent link: https://www.econbiz.de/10005126425
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Simple market protocols for efficient risk sharing
LiCalzi, Marco; Pellizzari, Paolo - EconWPA - 2005
This paper studies the performance of four market protocols with regard to allocative efficiency and other performance criteria such as volume or volatility. We examine batch auctions, continuous double auctions, specialist dealerships, and a hybrid of these last two. All protocols are...
Persistent link: https://www.econbiz.de/10005413187
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Beyond the Cost of Price Adjustment: Investments in Pricing Capital
Zbaracki, Mark; Bergen, Mark; Dutta, Shantanu; Levy, Daniel - EconWPA - 2005
The literature on costs of price adjustment has long argued that changing prices is a complex and costly process. In fact, some authors have suggested that we should think of firms’ price-setting activities as “producing” prices, similar to the way firms use production processes to produce...
Persistent link: https://www.econbiz.de/10005561290