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Inverse Adverse Selection: The Market for Gems

Dari-Mattiacci, Giuseppe; Onderstal, Sander; Parisi, … - 2011

This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. In contrast, we examine cases where buyers are better informed than sellers. This creates an inverse adverse selection problem: The market...

Persistent link: https://www.econbiz.de/10010325638

Balanced Unit Prices, the Case for Split Award Unit-Price Auctions

Renes, Sander - 2012

Many organizations use procurement tenders to buy large amounts of goods and services. Especially in the public sector the use of these reverse auctions has grown rapidly over the past decades. For the (reverse) unit price auction experience as well as theory has shown that they can attract...

Persistent link: https://www.econbiz.de/10013115145

Why Are Open Ascending Auctions Popular? The Role of Information Aggregation and Behavioral Biases

Offerman, Theo; Romagnoli, Giorgia; Ziegler, Andreas G. B. - 2020

The popularity of open ascending auctions is often attributed to the fact that openly observable bidding allows to aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they activate revenue enhancing biases. In an experiment, we...

Persistent link: https://www.econbiz.de/10014352203

White Knights and the Corporate Governance of Hostile Takeovers

Calcagno, Riccardo; Falconieri, Sonia - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10010325684

Mergers in Bidding Markets

Janssen, Maarten; Karamychev, Vladimir - 2013

We analyze the effects of mergers in first-price sealed-bid auctions on bidders' equilibrium bidding functions and on revenue. We also study the incentives of bidders to merge given the private information they have. We develop two models, depending on how after-merger valuations are created. In...

Persistent link: https://www.econbiz.de/10010326240

Countries of a Feather Flock Together - Mergers and Acquisitions in the Global Economy

Garita, Gus; van Marrewijk, Charles - 2008

We analyze the economic forces underlying cross-border Mergers and Acquisitions (M&As) using a large bilateral panel data set. The frequent occurrence of zero observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At the...

Persistent link: https://www.econbiz.de/10014216583

Continuous Time Trading in Markets with Adverse Selection

Janssen, Maarten C.W.; Karamychev, Vladimir - 2000

We investigate the nature of the adverse selection problem in a market for adurable goodwhere trading and entry of new buyers and sellers takes place in continuoustime. In thecontinuous time model equilibria with properties that are qualitativelydifferent from thestatic equilibria, emerge....

Persistent link: https://www.econbiz.de/10010324471

Dynamic Insurance and Adverse Selection

Janssen, Maarten C.W.; Karamychev, Vladimir A. - 2001

We take a dynamic perspective on insurance markets under adverseselection and study a generalized Rothschildand Stiglitz model where agents may differ with respect to theaccidental probability and their expenditure levels incase an accident occurs. We investigate the nature of dynamicinsurance...

Persistent link: https://www.econbiz.de/10010324841

Why are Residents Reluctant to Consult Attending Physicians?

Swank, Otto H. - 2009

A physician performs two tasks: making diagnoses and determining treatments. To reduce medical error, residents are supposed to consult their supervisors when they face uncommon circumstances. However, recent research shows that residents are reluctant to do so. This paper presents a model that...

Persistent link: https://www.econbiz.de/10013159812

Power and the Privilege of Clarity : An Analysis of Bargaining Power and Information Transmission

de Groot Ruiz, Adrian; Offerman, T. J. S.; Onderstal, Sander - 2012

People in inferior bargaining positions are often vaguer when they express their preferences. In this paper, we explain how power shapes clarity of communication. We analyze information transmission in a cheap talk bargaining game between an informed Sender and an uninformed Receiver. Our main...

Persistent link: https://www.econbiz.de/10014184653

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