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Purpose – The purpose of this paper is to examine the influence of early investment experiences on subsequent portfolio allocation decisions in a laboratory setting. Design/methodology/approach – In an experiment in which the task consisted of allocating a portfolio between a risky and...
Persistent link: https://www.econbiz.de/10014941740
Abstract This study conducts a comparative analysis of selected emissions trading systems (ETS) by examining them in terms of cost efficiency and jurisdictional authority overlap. Findings show that, the selected allowances markets generally exhibit cost inefficiency as manifested by price...
Persistent link: https://www.econbiz.de/10014585262
Abstract Firms commonly form syndicates to bid jointly for financial assets. Recently, this practice has come under legal scrutiny motivated by models which suggest syndicates are anti-competitive. These models do not account for two important features of financial markets: bidders' value...
Persistent link: https://www.econbiz.de/10014586857
Abstract This paper describes the bid signaling that occurred in many of the FCC spectrum auctions. Bidders in these … auctions bid on numerous spectrum licenses simultaneously, with bidding remaining open on all licenses until no bidder is …
Persistent link: https://www.econbiz.de/10014587481
We study auctions where bidders have independent private values but attach a disutility to the surplus of rivals, and … derive symmetric equilibria for first-price, second-price, English, and Dutch auctions. We find that equilibrium bidding is … more aggressive than standard predictions. Indeed, in second-price auctions it is optimal to bid above one's valuation …
Persistent link: https://www.econbiz.de/10014587484
innovation is obtained, auctions licenses to a pool of producers. Each producer has a private valuation for the license and …
Persistent link: https://www.econbiz.de/10014587578
auctions---as the result of other bidders trying to avoid stimulating the victim into learning more about his value. The idea …
Persistent link: https://www.econbiz.de/10014589001
We consider a single object, independent private value auction model with entry. Potential bidders are ex ante symmetric and randomize about entry. After entry, each bidder incurs a cost, then learns her private value and a set of signals that may lead to updated beliefs about other entrants'...
Persistent link: https://www.econbiz.de/10014589031
I study affiliated, pure common-value auctions with ex-ante asymmetric buyers. For the two-buyer case I characterize … and prove uniqueness of the equilibrium of hybrid auctions where the payment is a weighted average of the highest and …
Persistent link: https://www.econbiz.de/10014589044
We consider a model of bribery in an asymmetric procurement auction. In return for a bribe from the dishonest supplier, the auctioneer has the discretion to allow this supplier to revise his bid downward to match the low bid of the honest supplier. The dishonest supplier can also win the...
Persistent link: https://www.econbiz.de/10014589097