We study equilibria in second price auctions when bidders are independently and privately informed about both their values and participation costs and their joint distributions across bidders are not necessarily identical. We show that there always exists an equilibrium in this general setting...

An n-commodity, n-factor, K-country log-linear model is developed, with identical Cobb-Douglas production coefficients and identical consumer expenditure shares across countries, in which factor endowments are such as to permit positive production of all commodities in all countries, hence...

Some empirical extrapolations are performed which indicate that if the process of disaggregation were to be carried sufficiently far (to approximately the 17th to 23rd SITC level), virtually all intra-industry trade could be expected to disappear from international trade statistics. It is also...

Aggregation may be harmful but cannot always be avoided in the analysis of complex econometric models. It should be carried out intelligently by choosing ein aggregative model optimally for modes of aggregation speeified in advance, i.e. minimizing the bias introduced by aggregation and...