We analyse the all-pay auction with incomplete information and variance-averse bidders. We characterise the symmetric equilibrium for general distributions of valuations and any number of bidders. Variance aversion is a sufficient assumption to predict that high-valuation bidders increase their...

The Samaritan’s dilemma problem is analyzed in the article. Based on the Buchanan’s model, the strategies formulated according to the classical decision theory criterions were considered. Here, the impact of all the decision strategies combinations was evaluated from the point of social...

We develop the idea of using mean-variance preferences for the analysis of the first-price, all-pay auction. On the bidding side, we characterise the optimal strategy in symmetric all-pay auctions under mean-variance preferences for general distributions of valuations and any number of bidders....

Labor votes with its feet-individuals migrate from areas of low wages to areas of higher wages. That has been the traditional view, one that has spawned much policy advice to control migration and to affect the location decisions of migrant laborers. But recent research indicates that portfolio...

In this paper I present a new approach to rural-to-urban migration in developing countries. This approach sheds new light on the role of urban-to-rural remittances in bringing about technological change in the agricultural sector of these countries. At the core of the new approach is a utility...

We develop the idea of using mean-variance preferences for the analysis of the first-price, all-pay auction. On the bidding side, we characterise the optimal strategy in symmetric all-pay auctions under mean-variance preferences for general distributions of valuations and any number of bidders....

Suppose that a group of agents having divergent expectations can share risks efficiently. We examine how this group should behave collectively to manage these risks. We show that the beliefs of the representative agent is in general a function of the group.s wealth level, or equivalently, that...

We analyse the all-pay auction with incomplete information and variance-averse bidders. We characterise the symmetric equilibrium for general distributions of valuations and any number of bidders. Variance aversion is a sufficient assumption to predict that high-valuation bidders increase their...

The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat native random walk forecasts. The root for this deficient...