This paper examines a change in the level of competition in the Japanese life insurance industry over the last 17 years. We estimate the first order condition for profit-maximizing insurance oligopolies to obtain the degree of non-competition and collusion. Estimation results suggest that: 1)...

We study how high-frequency traders (HFTs) strategically decide their speed level in a market with a random speed bump. If HFTs recognize the market impact of their speed decision, they perceive a wider bid-ask spread as an endogenous upward-sloping cost of being faster. We find that the speed...

In a second-price sequential auction with both global and local bidders, we explore the optimal order for selling heterogeneous goods to maximize efficiency or revenue. Our findings indicate that selling the good with very small variance (almost-zero variance) first yields higher revenue, while...

We study a signaling game where agents signal their type by choosing when to quit pursuing an uncertain project. High types observe news about project quality and quit when bad news arrives. This creates opportunities for low types who do not observe any news to mimic high types by quitting...

We consider the economy consisting of n agents and m heterogenous objects where the seller benefits v from objects. Our study focuses on the multi-object allocation problem with monetary transfers where each agent obtains at most one object (unit-demand). In the situation with arbitrary n, m and...

We consider the problem of allocating multiple units of an indivisible object among a set of agents and collecting payments. Each agent can receive multiple units of the object, and has a (possibly) non-quasi-linear preference on the set of (consumption) bundles. We assume that preferences...

The class of double-crossing preferences, where signaling is cheaper for higher types than for lower types at low signaling levels and the opposite is true at high signaling levels, underlines the phenomenon of countersignaling. We show that under the D1 refinement, the equilibrium signaling...

Each agent in a market needs to supplement his skill with a particular skill of another agent to complete his project. A platform matches the agents and allows members of the same match to share their skills. A match is valuable to an agent if he is matched with any agent who possesses a skill...

We consider the problem of allocating a single object to the agents with payments. Agents have preferences that are not necessarily quasi-linear. We characterize the class of rules satisfying pairwise strategy-proofness and non-imposition by the priority rule. Our characterization result remains...

Despite widespread use in online transactions, rating systems only provide summary statistics of buyers' diverse opinions at best. To investigate the consequences of this coarse form of information aggregation, we consider a dynamic lemons market in which buyers share their evaluations...