An alternative theoretical setting is presented to characterise the money demand and the monetary equilibrium. Two main … James Tobin, 1958, the demand for balances is determined in order to maximise the expected return of a certain portfolio …

The report provides a literature review on the topic of estimation of demand and supply elasticities. To this end, it …, using instrumental variables, adopting a recursive structure, holding demand constant, and imposing inequality constraints …

tax it would pay for acquiring monopoly rights on a particular venture, posted publicly on a government-auction website … pain of losing the auction to a competitor. With minimal government intervention, the “invisible hand” of economic theory …

In an auction with a buy price, a seller offers bidders the opportunity to forgo competing in an auction by transacting … auction's reserve price and buy price, she does best to keep her aspirations sufficiently low by designing a no …-reserve auction with a buy price low enough that some bidder types would exercise it with positive probability in equilibrium. The …

-quantity pair, perfect collusion with equal sharing of profit is easier to sustain in the uniform price auction than in the … corresponding discriminatory auction. Moreover, capacity withholding may be necessary to sustain this outcome. Even when firms may …