In this article, I address the question of negotiation analysis pertaining to the Cancun Ministerial of the World Trade Organization (WTO). Albeit, the deep differences between developed and developing countries on various trade issues could not be accommodated and the Cancun Ministerial finally...

Fama(1984) analyzed the variability and the covariation of risk premiums and expected rates of depreciation. We employ three statistical techniques that do not suffer from a potential bias in Fama's analysis, but we nevertheless confirm his findings. In contrast to his interpretation the results...

The main result of this paper is that the multiple equilibrium problem in mechanism design can be avoided in private-value models if agents do not use weakly-dominated strategies in equilibrium. The authors show that, in such settings, any incentive-compatible allocation rule can be made the...

The extent to which the observed procedures for selling new issues are efficient is studied. We show that a posted-price mechanism, in conjunction with nonbinding preplay communication and participation restrictions, leads to an allocation of the security (and payment) that maximizes the...