Get Advances in Economics and Econometrics: Theory and PDF

By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky

ISBN-10: 0511061439

ISBN-13: 9780511061431

ISBN-10: 0521818729

ISBN-13: 9780521818728

Those 3 volumes include edited types of papers and commentaries awarded in invited symposium classes of the 8th international Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and destiny instructions in a variety of subject matters in economics and econometrics. They conceal thought and functions and supply a special survey of growth within the self-discipline.

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Additional resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume I (Econometric Society Monographs)

Sample text

A price-minimizing auction allocates the object to the bidder with the lowest “virtual cost,” rather than to the one with the lowest actual cost. ) Compared with an ascending auction, a sealed-bid auction discriminates in favor of selling to “weaker” bidders, whose costs are drawn from higher distributions, because they bid more aggressively (closer to their actual costs) than stronger ones. But, for a given cost, a weaker bidder has a lower virtual cost than a stronger one. So, the sealed-bid auction often, but not always, yields lower prices.

Auction Theory 37 at winning. The extra competition may lower prices substantially. Of course, the entry of the weaker competitor may also slightly reduce efficiency, but if competition is desirable per se, or if competition itself improves efficiency, or if the objective is consumer welfare rather than efficiency, then the case for sealed-bid auctions is very strong (see next subsection and Klemperer, 2002a). 41 It follows that the transparency induced between firms that makes internet sales more like ascending auctions than sealed-bid auctions is probably bad for consumers.

See, for example, Stevens’ (1994, 2000) models of wage determination in oligopsonistic labor markets, Bernheim and Whinston (1986), Feddersen and Pesendorfer (1996, 1998), Persico (2000) and many others’ political economy models, and many models in finance (including, of course, takeover battles, to which we give an application in Section 4). Another major area we do not develop here is the application of auction theorists’ understanding of the winner’s curse to adverse selection more generally.

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Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume I (Econometric Society Monographs) by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky


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