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A common-value auction with state-dependent participation

Lauermann, Stephan; Wolinsky, Asher - In: Theoretical Economics 17 (2022) 2, pp. 841-881

This paper analyzes a common-value, first-price auction with state-dependent participation. The number of bidders, which is unobservable to them, depends on the true value. For participation patterns with many bidders in each state, the bidding equilibrium may be of a "pooling" type---with high...

Persistent link: https://www.econbiz.de/10014536902

Asset bubbles and product market competition

Queirós, Francisco - In: Theoretical Economics 19 (2024) 1, pp. 325-364

This paper studies the interplay between asset bubbles and product market competition. It offers two main insights. The … first is that imperfect competition creates a wedge between interest rates and the marginal product of capital. This makes … subsidy, bubbles stimulate competition and reduce monopoly rents. I show that bubbles can destroy efficient investment and …

Persistent link: https://www.econbiz.de/10014537011

The shape of luck and competition in winner-take-all tournaments

Ryvkin, Dmitry; Drugov, Mikhail - In: Theoretical Economics 15 (2020) 4, pp. 1587-1626

In winner-take-all tournaments, agents' performance is determined jointly by effort and luck, and the top performer is rewarded. We study the impact of the ''shape of luck'' -- the details of the distribution of performance shocks -- on incentives in such settings. We are concerned with the...

Persistent link: https://www.econbiz.de/10013189045

Bottleneck links, essential intermediaries, and competing paths of diffusion in networks

Manea, Mihai - In: Theoretical Economics 16 (2021) 3, pp. 1017-1053

diffusion and confer monopoly power. Links that bridge distinct classes are redundant for diffusion and generate competition … among sellers. In dense networks, competition limits the scope of indirect appropriability and intellectual property rights …

Persistent link: https://www.econbiz.de/10013189086