Theoretically and experimentally, we generalize the analysis of acquiringa company (Samuelson and Bazerman 1985) by allowing for competition ofboth, buyers and sellers. Naivety of both is related to the idea that higherprices exclude worse qualities. While competition of naive buyers...

Theoretically and experimentally, we generalize the analysis of acquiring a company (Samuelson and Bazerman 1985) by allowing for competition of both, buyers and sellers. Naivety of both is related to the idea that higher prices exclude worse qualities. While competition of naive buyers...

We investigate the robustness of the new foreclosure doctrine and its associated welfare implications to the introduction of incomplete information. In particular, we let the upstream firm’s marginal cost be private information, unknown to the downstream firms. The previous literature has...

We study the outcomes of experimental multi-unit uniform and discriminatory auctions with demand uncertainty. Our study is motivated by the ongoing debate about market design in the electricity industry. Our main aim is to compare the effect of asymmetric demand-information between sellers on...

This paper proposes a simple model for multiple second-price auctions which run parallel to each other, in the sense that though they might not begin or end at the same time, they have certain periods of overlap. We characterize the equilibrium bidding strategy of the buyers and the equilibrium...

This article describes ways to use original texts in the National Russian Corpus as well as news texts for teaching Russian as a foreign language. Two-year work of a scientific group of Higher School of Economics (Nizhny Novgorod-Moscow), which is called CorpLings is analyzed. Special attention...

An auctioneer faces a pool of potential bidders that changes over time. She can delay the auction at a cost, in the hopes of having a thicker market later on. We identify a property of the distribution of bidder values—its “price elasticity”—that governs the distortions caused by revenue...

A principal faces an agent with frame-dependent preferences and designs an extensive-form decision problem with a frame at each stage. This allows the principal to induce dynamic inconsistency and thereby circumvent incentive compatibility constraints. We show that a vector of contracts can be...

We propose a tractable framework to introduce externalities in a screening model. Agents differ in both payoff-type and influence (how strongly their actions affect others). Applications range from pricing network goods to regulating industries that create externalities. Inefficiencies arise...

A problem that has plagued market failure discussions is: "why does bad policy exist and persist?" Various schools of thought have answered that question, but I argue that the explanations, while correct, are incomplete. In this paper, I apply the expert failure literature to the problem of...