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The Price of Liquidity: Bank Characteristics and Market Conditions
Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - CESifo - 2009
We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique to this paper, we also have data on individual banks’ reserve requirements and actual reserve holdings, thus allowing us to gauge the extent to which a bank is short or long...
Persistent link: https://www.econbiz.de/10005051588
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Auctions vs. Negotiations: The Case of Favoritism
Gretschko, Vitali; Wambach, Achim - CESifo - 2012
mechanism is delegated to an agent of the buyer. The agent has private information about the buyer’s preferences and may collude …
Persistent link: https://www.econbiz.de/10010599726
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The Herodotus Paradox
Baye, Michael R.; Dan Kovenock J.; Vries, Casper De - CESifo - 2010
the two-player case with complete and incomplete information, and in so doing identify what we call the “Herodotus Paradox.” …
Persistent link: https://www.econbiz.de/10008511607
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The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities
Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015
We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using …-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to …
Persistent link: https://www.econbiz.de/10011205382
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Volunteering and the Strategic Value of Ignorance
Morath, Florian - CESifo - 2011
strategic value is attached to the information, and individuals may prefer not to learn their cost of provision. If the time … horizon is sufficiently short, in equilibrium only one individual may acquire information about his cost. For a long time … horizon, acquiring information is strictly dominant. The time limit is an important instrument in influencing the efficiency …
Persistent link: https://www.econbiz.de/10009021240
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Auctions with Imperfect Commitment when the Reserve May Serve as a Signal
Jun, Byoung Heon; Wolfstetter, Elmar G. - CESifo - 2014
If bidders are uncertain whether the auctioneer sticks to the announced reserve, some bidders respond by strategic non-participation, speculating that the auctioneer may revoke the reserve. However, the reserve inadvertently signals the auctioneer’s type, which drives a unique separating and a...
Persistent link: https://www.econbiz.de/10010735190
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Strategic Complexities in the Combinatorial Clock Auction
Knapek, Stephan; Wambach, Achim - CESifo - 2012
Recently, the combinatorial clock auction has become more and more common in the auctioning of telecommunication licenses. Although the auction design is complex, the promise is that bidding becomes simple - truthtelling is ‘close to optimal’. We show that this claim is too strong. The...
Persistent link: https://www.econbiz.de/10010592131
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Extremism Drives Out Moderation
Klose, Bettina; Dan Kovenock J. - CESifo - 2012
This article investigates the impact of the distribution of preferences on equilibrium behavior in conflicts that are modeled as all-pay auctions with identity-dependent externalities. In this context, we define centrists and radicals using a willingness-to-pay criterion that admits preferences...
Persistent link: https://www.econbiz.de/10010547898
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Discrimination in Dynamic Procurement Design with Learning-by-doing
Barbosa, Klenio; Boyer, Pierre C. - CESifo - 2012
Discriminatory programs that favor local and small firms in government procurement are common in many countries. This paper studies the long-run impact of procurement discrimination on market structure and future competition in industries where learning-by-doing makes incumbent firms more...
Persistent link: https://www.econbiz.de/10010578155
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Highway to Economic Growth? Competition in Public Works Tenders in the Democratic Republic of Congo
Galletta, Sergio; Jametti, Mario; Redonda, Agustin - CESifo - 2012
The Democratic Republic of Congo (DRC) is one of the poorest countries in the World. The construction sector will play an essential part to bring the country on the path of economic growth, and competition within the sector is crucial to achieve this goal. In this paper we analyze the effect of...
Persistent link: https://www.econbiz.de/10010602004