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Designing Auctions in R&D: Optimal Licensing of an Innovation
Brocas, Isabelle - In: Topics in Economic Analysis & Policy 6 (2006) 1, pp. 1533-1533
obtained, auctions licenses to a pool of producers. Each producer has a private valuation for the license and suffers a … negative externality when a competitor becomes a licensee. We compare the optimal rule for the allocation of licenses and the … inefficiencies: an excessively high price for licenses and a suboptimal dissemination of knowledge, and an excessively low research …
Persistent link: https://www.econbiz.de/10005751302
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An Analysis of Market-Based and Statutory Limited Liability in Second Price Auctions
Saral, Krista Jabs - Volkswirtschaftliche Fakultät, … - 2009
In auctions where bidders are uncertain of their value and are fully liable for their bids, there exists the potential …
Persistent link: https://www.econbiz.de/10008645124
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Stock Market as a 'Beauty Contest': Investor Beliefs and Price Bubbles sans Dividend Anchors
Hirota, Shinichi; Sunder, Shyam - School of Management, Yale University - 2002
We experimentally explore if the absence of dividend anchors (from which investors can backward induct to arrive at the fundamental value) may help us understand the formation of security price bubbles. The fundamental value models assume that the investors (a) form rational expectations,(b)...
Persistent link: https://www.econbiz.de/10005368985
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Beauty Contests and "Irrational Exuberance": A Neoclassical Approach
Angeletos, George-Marios; Lorenzoni, Guido; Pavan, … - Center for Mathematical Studies in Economics and … - 2010
The arrival of new, unfamiliar, investment opportunities is often associated with "exuberant" movements in asset prices and real economic activity. During these episodes of high uncertainty, financial markets look at the real sector for signals about the profitability of the new investment...
Persistent link: https://www.econbiz.de/10008597110
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The Collective Wisdom of Beauty Contests
Martimort, David; Stole, Lars - Volkswirtschaftliche Fakultät, … - 2011
This note uses techniques developed for aggregate games to characterize the set of equilib- ria for a beauty contest or prediction game in which the experts’ preferences are quadratic, but with an otherwise unrestricted information structure for private signals and the state variable. We show...
Persistent link: https://www.econbiz.de/10009251559
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Beauty Contests, Bubbles and Iterated Expectations in Asset Markets
Allen, Franklin; Morris, Stephen; Shin, Hyun Song - Cowles Foundation for Research in Economics, Yale University - 2003
In a financial market where traders are risk averse and short lived, and prices are noisy, asset prices today depend on the average expectation today of tomorrow's price. Thus (iterating this relationship) the date 1 price equals the date 1 average expectation of the date 2 average expectation...
Persistent link: https://www.econbiz.de/10005463972
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Beauty Contests, Bubbles and Iterated Expectations in Asset Markets
Morris, Stephen; Allen, Franklin; Shin, Hyun Song - School of Management, Yale University - 2004
In a financial market where traders are risk averse and short lived, and prices are noisy, asset prices today depend on the average expectation today of tomorrow's price. Thus (iterating this relationship) the date 1 price equals the date 1 average expectation of the date 2 average expectation...
Persistent link: https://www.econbiz.de/10005586926
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Stock Market as a 'Beauty Contest': Investor Beliefs and Price Bubbles sans Dividend Anchors
Hirota, Shinichi; Sunder, Shyam NMI - School of Management, Yale University - 2002
We experimentally explore if the absence of dividend anchors (from which investors can backward induct to arrive at the fundamental value) may help us understand the formation of security price bubbles. The fundamental value models assume that the investors (a) form rational expectations, (b)...
Persistent link: https://www.econbiz.de/10005587090
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Level-k reasoning in a generalized beauty contest
Shapiro, Dmitry; Shi, Xianwen; Zillante, Artie - In: Games and Economic Behavior 86 (2014) C, pp. 308-329
We study how the predictive power of level-k models changes as we perturb the classical beauty contest setting along two dimensions: the strength of the coordination motive and the information symmetry. We use a variation of the Morris and Shin (2002) model as the unified framework for our...
Persistent link: https://www.econbiz.de/10010785207
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Forecasting urban highway travel for year 2005
Miaou, Shaw-Pin; Rathi, A.K.; Southworth, F.; Greene, D.L. - 2008
income, employment, number of persons per household, number of driver licenses per 1000 persons, a variable representing …
Persistent link: https://www.econbiz.de/10009435975