Recent stochastic evolutionary models have shown that the most likely convention when the probability of a mutation is sufficiently small is coordination on the risk-dominant strategy rather than the payoff-dominant one. This paper looks at the consequences of player movement between locations...

We characterize the steady state of a market with random matching and bargaining, where the sellers' goods can perish overnight. Generally, the quantity traded is suboptimal, prices are dispersed and their is a dead-weight loss caused by excess supply or demand. In the limit, as the cost of...

We extend Milgrom and Weber’s affiliated valuations model to the multi-unit case with constant marginal valuations where 2 bidders compete for k identical objects. We show that the discriminatory auction has a unique equilibrium, that corresponds to Milgrom and Weber’s firstprice...

We present a 2 bidder multi-unit, common cost auction model with uncertain demand and capacity constraints which ensure that the participants sometimes face a residual market share. The model is motivated by electricity pools. We show that a single-price auction where the bidders can submit only...

Consider an individual whose preferences are changing over time. How do we assess her welfare? We argue that this is an empirically relevant question as preferences are constantly changing over time if the agent has a bias towards the present. We present a simple example where preferences are...

Internal Anomaly Detection in the area of employee procurment cards continues to be an issue within many firms, even large multinational corporations. In this case, the authors observed the manual procedures that were being employed by a firm and are creating detailed scripts imitating and...

Using Reuters data and machine learning, this paper explores the potential role of linguistic features of 972,144 business news headlines in going-concern opinion predictions. This research identifies 26,857 firm-year observations from their headlines from 2004 to 2016. For each observation in...

Auditors must now not only evaluate the accuracy of financial numbers but could soon be required to provide assurance on the information regarding the environmental, social justice, and good governance (ESG) claims made by its clients (SEC 2021; Harrington and Garzon 2022). Double-materiality refers...