Showing 1 - 10 of 62
The paper considers the communication complexity (measured in bits or real numbers) of Nash implementation of social choice rules. A key distinction is whether we restrict to the traditional one-stage mechanisms or allow multi-stage mechanisms. For one-stage mechanisms, the paper shows that for...
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We consider the effect of a renegotiable exclusive contract restricting a buyer to purchase from only one seller on the levels of noncontractible investments undertaken in their relationship. Contrary to some informal claims in the literature, we find that in this setting exclusivity has no...
Persistent link: https://www.econbiz.de/10014197372
The paper studies inefficiencies arising in contracting between one principal and N agents when each agent's utility depends on all agents' trades with the principal. When the principal commits to publicly observed bilateral contracts, the distortion is due to the externalities on agents'...
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We study the effects of antitrust policy in industries with continual innovation. A more protective antitrust policy may have conflicting effects on innovation incentives, raising the profits of new entrants, but lowering those of continuing incumbents. We show that the direction of the net...
Persistent link: https://www.econbiz.de/10013221526
We examine the design of incentive-compatible screening mechanisms for dynamic environments in which the agents' types follow a (possibly non-Markov) stochastic process, decisions may be made over time and may affect the type process, and payoffs need not be time-separable. We derive a formula...
Persistent link: https://www.econbiz.de/10013142559
These notes examine the problem of how to extend envelope theorems to infinite-horizon dynamic mechanism design settings, with an application to the design of "bandit auctions." -- Asymmetric information ; stochastic processes ; incentives ; mechanism design
Persistent link: https://www.econbiz.de/10008665741
We study users' response to sponsored-search advertising using data from Microsoft's Live AdCenter distributed in the "Beyond Search" initiative. We estimate a structural model of utility maximizing users, which quantifies "user experience" based on their "revealed preferences," and predicts...
Persistent link: https://www.econbiz.de/10008668809