Abstracts

Economics

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Secret reserve prices in a bidding model with a resale option

Article Abstract:

An analysis of auction prices in lew of announced reserve prices and reauctions reveals that bids for reauctioned objects are higher relative to the initial bids and that prices rise as reauctioning delay increases. The study also reveals that seller procrastination despite receiving a bid higher than the reserve price is suboptimal in most existing models and that resale information could communicate the value of items not otherwise communicable through announced reserve prices.

Pricing Policy, Auctions, Resale price maintenance, Price maintenance

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On fully revealing prices when markets are incomplete

Article Abstract:

Prices can still disclose all information pertinent to agents under specific preference restrictions even though asset markets are not complete and the level of uncertainty is more than the assets in the economy. The restrictions, which are highly narrow, require that agents' preferences possess linear and parallel Engle curves for each state of the world. For fully revealing prices, investors should have preferences of the linear-risk-tolerance class.

Markets (Economics), Information theory, Information theory in economics

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A vision of the growth process

Article Abstract:

An approach for analyzing the economic growth process is discussed. It is argued that there exists five standard pillars of growth. These include the increase in labor force, stock of human capital and capital stock; the rate of return that investments will yield and real cost reductions resulting from 1001 sources. Observations and guidelines for the analysis of economic growth are also presented.

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