We analyze first-price auctions with two asymmetric bidders, where the winner can offer the good for resale to the …, independently of the resale market rules, the speculator's expected profit equals zero. Nevertheless, the opportunity for resale can …

This paper contributes to the literature on second-price auctions with resale. We add speculators---bidders with value …

We analyze the role resale creates for zero-value bidders, called speculators, in standard auctions with symmetric … independent private values buyers. English/second-price auctions always have equilibria with active resale markets and positive … profits for a speculator. In first- price/Dutch auctions, the unique equilibrium can involve an active resale market, but is …

An expanded model of value in cooperative games is presented in which value has either a linear or a proportional mode … (1989, 1992) value have a linear mode and an input basis. The egalitarian value (Kalai and Samet (1985)) has a linear mode …

In this paper I intend to model a firm decision of entrance into a profitable fashion market where fashion results from … fashion market and that ii) when incumbent firm accommodates the other firm a la Cournot there is no pure strategy Nash … equilibrium. The properties of the model seem to be in accordance with the persistence in time of fashion brands. …

culture, institutions and technology matter in the development of IPR protection policy even more than traditional variables …

account the educational, cultural and institutional context. The results suggest that education, culture and institutions …

of outputs (e.g., resale value, reliability, safety, comfort) that consumers obtain from a product relative to inputs …