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In second price internet auctions with a fixed end time, such as those on eBay, many bidders snipe , i.e., they submit their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that are automatically extended if a bid is submitted very...
Persistent link: https://www.econbiz.de/10011508091
In March 1999, a small number of Californians discovered a new world called "Norrath", populated by an exotic but … the United States. Perhaps the most interesting thing about the new world is its location. Norrath is a virtual world that …
Persistent link: https://www.econbiz.de/10011408437
inception in 1996; significantly, each world also seems to grow its own economy, with production, assets, and trade with Earth …, if they do grow, how will that affect real-world economies and governments? To shed light on the first question, the … suggests that the desire to live in a game world is deep-rooted and driven by game technology. The model reveals a certain …
Persistent link: https://www.econbiz.de/10011410451
Public authorities in many jurisdictions are concerned about the proliferation of illegal content and products on online platforms. In this paper, we provide an economic appraisal of platform liability that highlights the effects of a stricter liability rule on several key variables such as...
Persistent link: https://www.econbiz.de/10012438368
This paper presents a broad retrospective evaluation of mergers and merger decisions in the digital sector. We first discuss the most crucial features of digital markets such as network effects, multi-sidedness, big data, and rapid innovation that create important challenges for competition...
Persistent link: https://www.econbiz.de/10012138666
This paper sheds new light on a long-standing puzzle in the international finance literature, namely, that exchange rate expectations appear inaccurate and even irrational. We find for a comprehensive dataset that individual forecasters' performance is skill-based. 'Superior' forecasters show...
Persistent link: https://www.econbiz.de/10003832110
Some observers have conjectured that the steep decline in the price of oil between June and December 2014 resulted from positive oil supply shocks in the second half of 2014. Others have suggested that a major shock to oil price expectations occurred when in late November 2014 OPEC announced...
Persistent link: https://www.econbiz.de/10011428356
Persistent link: https://www.econbiz.de/10003662971
In this paper we investigate the time-varying relationship between oil and natural gas in the UK. We develop a model where relative prices can move between pricing-regimes; markets switch between being decoupled and integrated. Our model endogenously accounts for periods where oil and natural...
Persistent link: https://www.econbiz.de/10010212645
usefulness for forecasting real oil prices and global petroleum consumption. We find that world industrial production is one of …
Persistent link: https://www.econbiz.de/10012213172