We model the stock market as a timing game, in which arbitrageurs who are not expected to be certainly rational compete over profit by bursting the bubble caused by investors' euphoria. The manager raises money by issuing shares and the arbitrageurs use leverage. If leverage is weakly regulated,...

This paper examines how a combinatorial auction format should be designed to allocate the new landing slots that are expected to be available from 2013 for domestic airline regular services in Haneda airport in an efficient manner. In order to make the auction well-behaved, we have to overcome...

We investigate price-based mechanisms with connectedness in combinatorial auctions, where with restrictions of privacy and complexity, the auctioneer asks a limited number of prices to buyers who provide demand responses. Consistent with the price-based property, several necessary and sufficient...

This paper shows the experimental results for multi-object auctions in terms of efficiency, revenue, and bidders' payoffs. We assume that there are two heterogeneous objects and two bidders, and that each bidder does not know the other bidder's material payoff structure. We conducted the...

We investigate revenue maximization in general allocation problems with incomplete information, where we assume quasi-linearity, private values, independent type distributions, and single-dimensionality of type spaces. We require a mechanism to satisfy strategy-proofness and ex-post individual...

We investigate a general class of dynamical open-bid combinatorial auction protocols termed price-demand procedures, where the auctioneer asks buyer-dependent price vectors and buyers reveal demand sets. Such revelations are easier to practice than the revelations of entire valuations at once....

This paper experimentally examines infinitely repeated prisoners' dilemma games with imperfect private monitoring and random termination where the probability of termination is very low. Laboratory subjects make the cooperative action choices quite often, and make the cooperative action choice...

This paper examines the ultimatum game preceded by a single player's investment decision that is risky in that the business opportunity could fail to be discovered. The experiment's results show that the functioning of social preference connecting the baseline ultimatum game with the investment...

We investigate combinatorial auctions from a practical perspective. The auctioneer gathers information according to a dynamical protocol termed ask price procedure. We demonstrate a method for elucidating whether a procedure gathers sufficient information for deriving a VCG mechanism. We...