Transaction costs are omnipresent in markets yet are often omitted in economic models. We show that their presence can … fundamentally alter incentives and welfare in markets in which the price equates supply and demand. We categorize transaction costs … properties of markets without transaction costs, namely strategyproofness, efficiency, and robustness to misspecified beliefs and …

2003 to 2008. This market has traditionally consisted of a set of non-integrated regional markets centered on market …

Transaction costs are omnipresent in markets yet are often omitted in economic models. We show that their presence can … fundamentally alter incentives and welfare in markets in which the price equates supply and demand. We categorize transaction costs … properties of markets without transaction costs, namely strategyproofness, efficiency, and robustness to misspecified beliefs and …

make up many of the world's most important markets; and this book describes how auction theory has also become an … auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there …

make up many of the world's most important markets; and this book describes how auction theory has also become an … auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there …

make up many of the world's most important markets; and this book describes how auction theory has also become an … auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there …

directed graphs G in a precise sense. The edges of G can be regarded as markets for commodity pairs, and prices play a stronger …

We study a bargaining model with a disagreement game between offers and counteroffers. In order to characterize the set …

The Nash bargaining solution of a modified bargaining problem in the contract space yields the pair of stationary … vanishes, convergence to the Nash bargaining solution is immediate by the Maximum Theorem. Numerical implementation in standard …

The bargaining model with stochastic order of proposing players is properly embedded in continuous time and it is … the Nash bargaining solution of a modified bargaining problem and the Maximum Theorem implies convergence to the Nash … bargaining solution when time between proposals vanishes. The model unifies alternating offers, one-sided offers and random …