true anymore when goods are indivisible. In our setting, although fiat money yields no utility, its price will always be … could be used to facilitate exchange. Since a Walras equilibrium does not always exist when goods are indivisible, a new …

We consider a model where bidders in an auction own passive partial claims over their rivals’ auction profits. While …-value auction, we find that such cross ownership has an effect similar to reducing the number of bidders while holding constant the … distribution of the highest value in the auction. A similar decrease in competition occurs in independent private-value second …

We consider competitive bidding for a business license, via an open ascending-price auction, between two symmetric …

requirements. It is crucial that there be date-zero consumption. As a by-product, we develop some duality theory under incomplete …

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 that takes into account the specificity of this kind of goods …