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Collusion in Beauty Contests
Wambach, Achim - CESifo - 2002
During the recent sales of UMTS licenses in Europe some countries used auctions while others resorted to so … argument why beauty contests or negotiations might be dominated by auctions, which is closely linked to the multi …
Persistent link: https://www.econbiz.de/10005051542
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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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Europäischer Verbraucherschutz - Ausdruck grenzenloser Regulierungswut oder sinnvoller Schutz für Käufer? Erkenntnisse aus einem Laborexperiment
Kirstein, Roland; Kirstein, Annette - Forschungsstelle zur ökonomischen Analyse des Rechts, … - 2006
Wir nutzen die Ergebnisse eines Experiments über Lemons-Märkte, um wirtschaftspolitische Folgerungen über die EU-Verbraucherschutzregulierung von 1999 abzuleiten. Die beiden Marktdesigns, die im Experiment getestet wurden, unterscheiden sich hinsichtlich des Grades, zu dem die Verbraucher das...
Persistent link: https://www.econbiz.de/10008509603
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Less Rationality, More Efficiency: a Laboratory Experiment on "Lemons" Markets
Kirstein, Annette; Kirstein, Roland - Forschungsstelle zur ökonomischen Analyse des Rechts, … - 2004
In this paper we experimentally test a theory of boundedly rational behavior in a "lemons market." We analyzed two different market designs, for which perfect rationality implies complete and partial market collapse, respectively. Our empirical observations deviate substantially from these...
Persistent link: https://www.econbiz.de/10008533480
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Less Rationality, More Efficiency: a Laboratory Experiment on "Lemon" Markets.
Kirstein, Annette; Kirstein, Roland - Forschungsstelle zur ökonomischen Analyse des Rechts, … - 2004
We have experimentally tested a theory of bounded rational behavior in a "lemon market". It provides an explanation for the observation that real world players successfully conclude transactions when perfect rationality predicts a market collapse. We analyzed two different market designs :...
Persistent link: https://www.econbiz.de/10008533489
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On the Sources and Value of Information: Public Announcements and Macroeconomic Performance
Myatt, David P.; Wallace, Chris - Department of Economics, Oxford University - 2008
In the context of macroeconomic coordination, studies of the social value of information distinguish sharply between private and public information.  However, no information is truly public (that is, common knowledge) or private in the established sense.  This paper develops a general approach...
Persistent link: https://www.econbiz.de/10005047915