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A two stage sequential auction with multi-unit demands

Article Abstract:

Research was conducted to examine a sequence of two second price auctions using a model of multi-unit bidder demands. A fundamental understanding of the link between complete and incomplete information auction games with multi-dimensional bidder types is established. Results reveal that the sequence of second price auctions leads to an efficient allocation when two objects are sold. Thus, when two objects are sold, the sequence of second price and Vickrey auctions yield equivalent expected revenue.

Author: Katzman, Brett
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1999
Prices, Auctions

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A model of temporary search equilibrium

Article Abstract:

A study of the agents' knowledge of the distribution of prices was shown through a new search markets theory to be capable of being updated and current based on past market experiences and knowledge of the trends in the distribution of prices based on the market's moments. Results show that other observation maps are available for economic agents with which to base group learning and ultimately determine price distribution.

Author: Rauh, Michael T.
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1997
Models, Usage, Mathematical optimization, Optimization theory

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On fragility of bubbles in equilibrium asset pricing models of Lucas-type

Article Abstract:

Research designed to assess how reasonable the view is that multiple equilibria, or bubbles, are an insignificant phenomenon in sequential equilibrium models is presented. It is shown that the pricing equilibrium is unique as long as the agents show uniformly bounded relative risk aversion.

Author: Montrucchio, Luigi, Privileggi, Fabio
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
Administration of General Economic Programs, Economic Statistics & Research, Economic conditions

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Subjects list: Research, Pricing, Equilibrium (Economics)
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