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Flow Trading
Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023
-linear demand curves with quantities as flows (shares/second). Batch auctions clear all asset markets jointly in discrete time …
Persistent link: https://www.econbiz.de/10014250116
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Information Favoritism and Scoring Bias in Contests
Deng, Shanglyu; Fang, Hanming; Fu, Qiang; Wu, Zenan - National Bureau of Economic Research - 2023
Two potentially asymmetric players compete for a prize of common value, which is initially unknown, by exerting efforts. A designer has two instruments for contest design. First, she decides whether and how to disclose an informative signal of the prize value to players. Second, she sets the...
Persistent link: https://www.econbiz.de/10014247957
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Information-Based Pricing in Specialized Lending
Blickle, Kristian; He, Zhiguo; Huang, Jing; Parlatore, … - National Bureau of Economic Research - 2024
We study specialized lending in a credit market competition model with private information. Two banks, equipped with similar data processing systems, possess "general" signals regarding the borrower's quality. However, the specialized bank gains an additional advantage through further...
Persistent link: https://www.econbiz.de/10014486246
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The Bidder Exclusion Effect
Coey, Dominic - 2014
We introduce a simple and robust approach to answering two key questions in empirical auction analysis: discriminating between models of entry and quantifying the revenue gains from improving auction design. The approach builds on Bulow and Klemperer (1996), connecting their theoretical results...
Persistent link: https://www.econbiz.de/10012458142
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Auctions Versus Negotiations in Procurement : An Empirical Analysis
Bajari, Patrick - 2003
this question, we offer a framework that compares auctions with negotiations. We then examine a comprehensive data set of … potential limitations to the use of auctions. Auctions perform poorly when projects are complex, contractual design is … incomplete and there are few available bidders. Furthermore, auctions stifle communication between buyers and the sellers …
Persistent link: https://www.econbiz.de/10012468941
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A Theory of Fiscal Responsibility and Irresponsibility
Halac, Marina; Yared, Pierre - National Bureau of Economic Research - 2022
We propose a political economy mechanism that explains the presence of fiscal regimes punctuated by crisis periods. Our model focuses on the interaction between successive deficit-biased governments subject to i.i.d. fiscal shocks. We show that the economy transitions between a fiscally...
Persistent link: https://www.econbiz.de/10013435163
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Mechanism Design Approaches to Blockchain Consensus
Gans, Joshua; Holden, Richard T. - National Bureau of Economic Research - 2022
Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks. However, this procedure can still lead to potential attacks...
Persistent link: https://www.econbiz.de/10013334407
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Deferred Acceptance with News Utility
Dreyfuss, Bnaya; Glicksohn, Ofer; Heffetz, Ori; Romm, Assaf - National Bureau of Economic Research - 2022
Can incorporating expectations-based-reference-dependence (EBRD) considerations reduce seemingly dominated choices in the Deferred Acceptance (DA) mechanism? We run two experiments (total N = 500) where participants are randomly assigned into one of four DA variants--{static, dynamic} * {student...
Persistent link: https://www.econbiz.de/10013462684
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Firm Commitments
Bolton, Patrick; Kacperczyk, Marcin - National Bureau of Economic Research - 2023
A growing fraction of companies globally have made commitments to reduce their carbon emissions by a certain date. While the companies that make commitments subsequently reduce their emissions, the effect on overall emissions of companies (including those that do not commit) has been small; the...
Persistent link: https://www.econbiz.de/10014287345
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Interdependent Values in Matching Markets : Evidence from Medical School Programs in Denmark
Friedrich, Benjamin; Hackmann, Martin B.; Kapor, Adam; … - National Bureau of Economic Research - 2024
This paper presents the first empirical evidence of interdependent values and strategic responses by market participants in a two-sided matching market. We consider the market for medical school programs in Denmark, which uses a centralized assignment mechanism. Leveraging unique administrative...
Persistent link: https://www.econbiz.de/10014528365