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Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023

We introduce and analyze a new market design for trading financial assets. The design allows traders to directly trade any user-defined linear combination of assets. Orders for such portfolios are expressed as downward-sloping piecewise-linear demand curves with quantities as flows...

Persistent link: https://www.econbiz.de/10014250116

Inference of Bidders' Risk Attitudes in Ascending Auctions with Endogenous Entry

Fang, Hanming - 2013

Bidders' risk attitudes have key implications for choices of revenue-maximizing auction formats. In ascending auctions … entry costs but contains exogenous variations of potential competition and auction characteristics. In the first scenario … equilibrium entry probabilities vary with observed auction characteristics and potential competition. We also show identification …

Persistent link: https://www.econbiz.de/10012459225

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

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

Bayesian Persuasion with Lie Detection

Ederer, Florian; Min, Weicheng - National Bureau of Economic Research - 2022

How does lie detection constrain the potential for one person to persuade another to change her action? We consider a model of Bayesian persuasion in which the Receiver can detect lies with positive probability. We show that the Sender lies more when the lie detection probability increases. As...

Persistent link: https://www.econbiz.de/10013210093

Public Information as a Source of Disagreement Among Shareholders

Bouton, Laurent; Llorente-Saguer, Aniol; Macé, Antonin; … - National Bureau of Economic Research - 2022

We study how beliefs about firm value respond to public information stemming from either public announcements or shareholder meetings. We focus on settings with homogeneous shareholders (i.e., agents with common preferences and opinions), where information is about which course of action is best...

Persistent link: https://www.econbiz.de/10013477249

Unequal Uptake : Assessing Distributional Disparities in the Residential Solar Market

Dorsey, Jackson; Wolfson, Derek C. - National Bureau of Economic Research - 2024

We examine technology adoption and consumer welfare disparities across demographic groups using data from an online solar photovoltaic (PV) marketplace. Low-income households are 25% less likely to purchase solar through the platform and obtain 53% lower expected consumer surplus than...

Persistent link: https://www.econbiz.de/10015056139

Procurement and Infrastructure Costs

Liscow, Zachary; Nober, Will; Slattery, Cailin - National Bureau of Economic Research - 2023

Infrastructure costs in the United States are high and rising. The procurement process is one potential cost driver. In this paper we conduct a survey of procurement practices across the 50 states. We survey both employees at each state department of transportation (DOT) and the road builders...

Persistent link: https://www.econbiz.de/10014372462

Information Spillovers and Sovereign Debt : Theory Meets the Eurozone Crisis

Cole, Harold L.; Neuhann, Daniel; Ordoñez, Guillermo - National Bureau of Economic Research - 2022

We develop a theory of information spillovers in sovereign bond markets in which investors can acquire information about default risk before trading in primary and secondary markets. If primary markets are structured as multi-unit discriminatory-price auctions, an endogenous winner's curse leads...

Persistent link: https://www.econbiz.de/10013334434

Screening Adaptive Cartels

Ortner, Juan M.; Chassang, Sylvain; Kawai, Kei; … - National Bureau of Economic Research - 2022

We propose an equilibrium theory of data-driven antitrust oversight in which regulators launch investigations on the basis of suspicious bidding patterns and cartels can adapt to the statistical screens used by regulators. We emphasize the use of asymptotically safe tests, i.e. tests that are...

Persistent link: https://www.econbiz.de/10013334437

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