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and lottery contests with several heterogeneous contestants. Two instruments of favoritism are considered: Head starts …
Persistent link: https://www.econbiz.de/10011615829
and lottery contests with several heterogeneous contestants. Two instruments of favoritism are considered: Head starts …
Persistent link: https://www.econbiz.de/10011586301
In many auction settings, there is favoritism: the seller's welfare depends positively on the utility of a subset of … nondiscriminatory auction in a private value, single-unit model under favoritism. At the optimal auction there is a reserve price, or an …
Persistent link: https://www.econbiz.de/10010550141
We examine the problem of endogenous entry in a single-unit auction when the seller's welfare depends positively on the utility of a subset of potential bidders. We show that, unless the seller values those bidders' welfare more than her own "private" utility, a nondiscriminatory auction is optimal.
Persistent link: https://www.econbiz.de/10008455631
Fighting collusion has long been a challenge in organizations, whilst favoritism in organizations has long been … favoritism together which seem to be irrelevant. We show that favoritism cannot benefit organizations where collusion is not a … serious concern; meanwhile favoritism is not effective in dealing with well-organized collusion; however, strategic use of …
Persistent link: https://www.econbiz.de/10004968077
We examine the problem of endogenous entry in a single-unit auction when the seller's welfare depends positively on the utility of a subset of potential bidders. We show that, unless the seller values those bidders?welfare more than her own ?private?utility, a nondiscriminatory auction is optimal.
Persistent link: https://www.econbiz.de/10008498396
We examine a contest, modelled as an all-pay auction, in which a strong and a weak contestant compete, and where a contestant may suffer from a handicap or benefit from a head start. The former reduces the contestant's score by a fixed percentage; the latter is an additive bonus. The two...
Persistent link: https://www.econbiz.de/10005168870
I examine a contest with identity-dependent rules in which contestants are privately informed and ex ante heterogeneous. A contestant may suffer from a handicap or benefit from a head start. The former reduces the contestantʼs score by a fixed percentage; the latter is an additive bonus....
Persistent link: https://www.econbiz.de/10011049730
The value of the timing option implicit in CBOT corn futures contract is estimated. Separate estimates are obtained for the option without and with convenience yield. The effect of the option on basis behavior at day one of the maturity month is examined and is found statistically significant.
Persistent link: https://www.econbiz.de/10005220795
The timing option embedded in a futures contract allows the short position to decide when to deliver the underlying asset during the last month of the contract period. <p> In this paper we derive, within a very general incomplete market framework, an explicit model independent formula for the...</p>
Persistent link: https://www.econbiz.de/10005649426