This paper models the supply of perishable goods within a randon framework. Perishability affects a large group of goods usually traded in the economy such as fruits and vegetables, newspapers, medicine drugs, a.s.o.. Surprisingly, one cannot find in the literature a decision model for suppliers...

A "dispersion" specifies the relative probability between any two elements of a finite domain. It thereby partitions the domain into equivalence classes separated by infinite relative probability. The paper's novelty is to numerically represent not only the order of the equivalence classes, but...

We provide two, new simple proofs of Afriat's celebrated theorem..

The assumption of internationally identical factor intensity techniques may be one of the major causes of the HOV model's poor performance. To relax this assumption, detailed input-output data are required to compute the factor intensity techniques used in different countries; however, these...

This paper considers trade in an asymmetric 2x2x2 world, the two countries being labelled America and Europe. In America, the labor market is perfectly competitive, with flexible wages ensuring full employment. Europe faces unemployment due to efficiency wages. We derive the conditions for there...

We introduce technological differences in a Heckscher-Ohlin model and study how the technology and endowment differences interact to determine the effects of trade on factor prices. When the endowment effect is dominant in determining the autarky relative factor prices, the relative factor...

Most of the literature on auctions assumes that the auctioneer owns the object on sale. However most auctions are organized and run by an agent of the owner. This separation generates the possibility of corruption. We analyze the effect of a particular form of corruption on bidding behavior in a...

Within the independent private-values paradigm, we derive the data-generating process of the winning bid for the last unit sold at multi-unit, sequential, oral, ascending-price auctions when bidder valuations are draws from different distributions; i.e., in the presence of asymmetries. When the...

Ascending price clock auctions with drop-out information typically yield outcomes closer to equilibrium predictions than do comparable sealed-bid auctions. However clock auctions require congregating all bidders for a fixed time interval, which has limited field applicability and introduces...

This paper evaluates performance of human subjects and instances of a bidding model that interact in continuous-time double auction experiments. Asks submitted by instances of the seller model ("automated sellers") maximize the seller's expected surplus relative to a heuristic belief function,...