In this paper we consider the problem of efficiently allocating a given resource or object repeatedly over time. The agents, who may temporarily receive access to the resource, learn more about its value through its use. When the agents' beliefs about their valuations at any given time are...

In this paper we construct a "reflexivity" index for Bitcoin crypto currency that measures the amount of activity generated endogenously within the market. For this purpose we fit a univariate self-exciting Hawkes process with two-classes of parametric kernels to high-frequency trade data that...

This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control, game theory, and mechanism design in one volume. Technically rigorous and largely self-contained, it provides an introduction to the use of optimal control theory for...

The “mushroom treatment� is a common metaphor for the practice of “keeping employees in the dark and feeding them a steady diet of bull manure.� We develop a model of this practice of information suppression and misrepresentation within organizations,...

To aid in the description and estimation of the tremendous recent growth in the collaborative economy, we provide a model for the dynamics of sharing, subject to fixed costs and imperfect price formation. The sharing economy comprises a set of infinitely lived, heterogeneous suppliers, who take...

In the presence of a peer-to-peer economy, the option of sharing an item is valuable for consumers. By retaining control over the shareability of its products a monopolist can set a sharing tariff in conjunction with the purchase price of the product, in order to extract state-contingent surplus...

This paper provides expressions for solutions of a one-dimensional global optimization problem using an adjoint variable which represents the available one-sided improvements up to the interval “horizon.” Interpreting the problem in terms of optimal stopping or optimal starting, the solution...