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A geometric approach to mechanism design

Goeree, Jacob K.; Kushnir, Alexey - 2011

theory. The optimal mechanism can subsequently be derived from the support function using Hotelling's lemma. We first assume …

Persistent link: https://www.econbiz.de/10010316902

Auctioning Process Innovations when Losers' Bids Determine Royalty Rates

Fan, Cuihong; Jun, Byoung Heon; Wolfstetter, Elmar G. - 2009

We consider a licensing mechanism for process innovations that combines a license auction with royalty contracts to those who lose the auction. Firms' bids are dual signals of their cost reductions: the winning bid signals the own cost reduction to rival oligopolists, whereas the losing bid...

Persistent link: https://www.econbiz.de/10010333873

How to allocate Research (and other) Subsidies

Ensthaler, Ludwig; Giebe, Thomas - 2011

A budget-constrained buyer wants to purchase items from a short-listed set. Items are differentiated by observable quality and sellers have private reserve prices for their items. The buyer's problem is to select a subset of maximal quality. Money does not enter the buyer's objective function,...

Persistent link: https://www.econbiz.de/10010334028

Licensing a common value innovation when signaling strength may backfire

Fan, Cuihong; Jun, Byoung Heon; Wolfstetter, Elmar G. - 2010

This paper reconsiders the licensing of a common value innovation to a downstream duopoly, assuming a dual licensing scheme that combines a first-price license auction with royalty contracts for losers. Prior to bidding firms observe imperfect signals of the expected cost reduction; after the...

Persistent link: https://www.econbiz.de/10010334125

A dynamic auction for multi-object procurement under a hard budget constraint

Ensthaler, Ludwig; Giebe, Thomas - 2010

We present a new dynamic auction for procurement problems where payments are bounded by a hard budget constraint and money does not enter the procurer's objective function.

Persistent link: https://www.econbiz.de/10010334157

Serial dictatorship: The unique optimal allocation rule when information is endogenous

Bade, Sophie - 2012

acquisition into otherwise standard house allocation problems. I find that there is a unique ex ante Pareto-optimal, strategy …-proof and non-bossy allocation mechanism: serial dictatorship. This stands in sharp contrast to the very large set of such … mechanisms for house allocation problems without endogenous information acquisition. …

Persistent link: https://www.econbiz.de/10010323865

Imperfect information, macroeconomic dynamics and the yield curve: an encompassing macro-finance model

Dewachter, Hans - 2008

In this paper we estimate an encompassing Macro-Finance model allowing for time variation in the equilibrium real rate, mispricing and learning dynamics. The encompassing model specification incorporates (i) a small-scale (semi-) structural New-Keynesian model, (ii) flexible price of risk...

Persistent link: https://www.econbiz.de/10011506665

Robust virtual implementation with incomplete information: Toward a reinterpretation of the Wilson doctrine

Artemov, Georgy; Kunimoto, Takashi; Serrano, Roberto - 2007

We consider robust virtual implementation, where robustness is the requirement that implementation succeed in all type spaces consistent with a given payoff type space as well as with a given space of first-order beliefs about the other agents’ payoff types. This last bit, which constitutes...

Persistent link: https://www.econbiz.de/10010318934

The theory of implementation of social choice rules

Serrano, Roberto - 2003

. The theory of implementation or mechanism design formalizes this “social engineering” problem and provides answers to the … question just posed. I survey the theory of implementation in this article, emphasizing the results based on two behavioral … assumptions for the agents (dominant strategies and Nash equilibrium). Examples discussed include voting, and the allocation of …

Persistent link: https://www.econbiz.de/10010318948

Cyclical price fluctuations caused by information inertia : evidence from the German call-by-call telephone market

Baier, Antje; Bolle, Friedel - 2005

The 2002 prices of suppliers in German call-by-call telephone market are rather dispersed, out-of-phase (uncorrelated), and show systematic down-up movements. In 2004, these prices are less dispersed, more in-phase and show more upwards runs than downs-ups. In both years, we clearly do not...

Persistent link: https://www.econbiz.de/10010297229

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