We study multiunit uniform price auctions where the seller is allowed to decrease the quantity supplied in order to maximize his profit. We show that he never chooses to do so in equilibrium. However, the existence of this option eliminates such equilibria where objects for sale are sold for too...

This paper analyzes an Easley and O'Hara (1992) type sequential trading model in an evolutionary setting. We assume that the memory of a market maker is limited, and that traders endogenously choose whether to acquire private information with a fixed cost. We show that the ratio of the informed...

This paper analyzes an Easley and O'Hara (1992) type sequential trading model in an evolutionary setting. We assume that the memory of a market maker is limited, and that traders endogenously choose whether to acquire private information with a fixed cost. We show that the ratio of the informed...

This paper confronts the tractability problems that accompany IPV auction models with multi-unit bidder demands. Utilizing a first order approach, the asymptotic properties of symmetric equilibria in discriminatory and uniform price auctions are derived. It is shown that as the number of bidders...

The purpose of this paper is to re-examine whether mean reversion property hold for 15 emerging stock markets for the period 1985 to 2006. Utilizing a panel stationarity test that is able to account for multiple structural breaks and cross sectional dependence, we find that the emerging stock...

In a laboratory experiment, the voluntary provision of public goods is investigated when there is probabilistic uncertainty about the monetary return from production of the public good. After group members make their provision decisions, the return is drawn from an exogenously determined...

In this note, we consider the relationship between oil price volatility and firm returns for 560 firms listed on the New York Stock Exchange. Using daily time series data from 2000 to 2008, we find that oil price volatility increases firm returns for the majority of the firms in our sample.

The logit model is the most popular tool for estimating demand in differentiated products markets. However, in its aggregate version, practitioners have to “guess” the size outside good. We propose a way to remove the bias created by an inaccurate guess in simpler versions of the model.

This paper examines how Bertrand competition affects the welfare implications of bundling by a multi-product firm, which is a monopoly over one good and faces a single-product competitor in a second good. We find that the equilibrium bundle price is lower than the sum of the prices of the two...