Auctions with private uncertainty and resale opportunities

Article Abstract:

When an opportunity for resale, bidder valuations are endogenously determined, reflecting expected profit after buying or selling in the resale market following an auction. A model having a common value element, revenue equivalence can hold when it fails after resale introduces, because of the differences in the information conveyed to the secondary market.

Letting of contracts, Competitive bidding, Secondary market

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A corporate balance-sheet approach to currency crises

Article Abstract:

A general equilibrium currency crise s model of the third generation, which drives the possibility of currency crises by the interplay between private firms credit constraints and nomial price rigidities, is presented. The conclusion states that an interest rate increase intended to support the currency in a crisis may not be effective.

Interest Rates, Models, Financial crises

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The modified Vickrey double auction

Article Abstract:

W. Vickrey's mechanism for call markets is modified by introducing the participation stage and studying the efficient properties of the modified mechanism. It is proved that the modified Vickrey double auction achieves asymptotic efficiency even when full efficiency cannot be achieved.

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