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Bester, Helmut; Gehrig, Thomas; Stenbacka, Rune - C.E.P.R. Discussion Papers - 2012

when screening primarily improves the bank’s ability to identify profitable loans and when banks retain most of those … profitable loans. However, loan sales dampen screening incentives when the benefit of screening primarily helps to weed out …We analyze the effect of loan sales on the intensity of costly screening. Loan sales strengthen screening incentives …

Persistent link: https://www.econbiz.de/10011083726

Using and Abusing Economic Theory

Klemperer, Paul - C.E.P.R. Discussion Papers - 2003

Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the...

Persistent link: https://www.econbiz.de/10005498003

The Biggest Auction Ever: The Sale of the British 3G Telecom Licences

Binmore, Kenneth; Klemperer, Paul - C.E.P.R. Discussion Papers - 2002

This paper reviews the part played by economists in organizing the British third-generation mobile-phone licence auction that concluded on 27 April 2000. It raised £22½ billion ($34 billion or 2½ % of GNP) and was widely described at the time as the biggest auction ever. We discuss the merits...

Persistent link: https://www.econbiz.de/10005661794

How (Not) to Run Auctions: The European 3G Telecom Auctions

Klemperer, Paul - C.E.P.R. Discussion Papers - 2002

There were enormous differences in the revenues from the European ‘third generation’ (3G, or ‘MTS’) mobile-phone license auctions, from 20 Euros per capita in Switzerland to 650 Euros per capita in the UK, though the values of the licences sold were similar. Poor auction designs in some...

Persistent link: https://www.econbiz.de/10005662052

Auction Theory: a Guide to the Literature

Klemperer, Paul - C.E.P.R. Discussion Papers - 1999

This paper provides an elementary, non-technical, survey of auction theory, by introducing and describing some of the critical papers in the subject. The most important of these are reproduced in a companion book, The Economic Theory of Auctions, Paul Klemperer (ed.), Edward Elgar (pub.),...

Persistent link: https://www.econbiz.de/10005666747

Why every Economist should Learn some Auction Theory

Klemperer, Paul - C.E.P.R. Discussion Papers - 2000

This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be held in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and argue that auction-theoretic tools and intuitions can...

Persistent link: https://www.econbiz.de/10005792157

Some Observations on the British and German 3G Telecom Auctions

Klemperer, Paul - C.E.P.R. Discussion Papers - 2002

I suggest explanations for the apparently puzzling bidding in the year 2000 British and German 3G telecom auctions …

Persistent link: https://www.econbiz.de/10005123523

What Really Matters in Auction Design

Klemperer, Paul - C.E.P.R. Discussion Papers - 2000

The most important issues in auction design are the traditional concerns of competition policy-preventing collusive, predatory, and entry deterring behaviour. Ascending and uniform-price auctions are particularly vulnerable to these problems (we discuss radiospectrum and football TV-rights...

Persistent link: https://www.econbiz.de/10005114514

If Winning Isn't Everything, Why Do They Keep Score? A Structural Empirical Analysis of Dutch Flower Auctions

den Berg, Gerard J van; van der Klaauw, Bas - C.E.P.R. Discussion Papers - 2007

This paper provides a structural empirical analysis of Dutch auctions of houseplants at the flower auction in Aalsmeer, the Netherlands. The data set is unique for Dutch auctions in the sense that it includes observations of all losing bids in an interval adjacent to the winning bid. The size of...

Persistent link: https://www.econbiz.de/10005656139

Last Minute Feedback

Klein, Tobias; Lambertz, Christian; Spagnolo, Giancarlo; … - C.E.P.R. Discussion Papers - 2006

Feedback mechanisms that allow partners to rate each other after a transaction are considered crucial for the success of anonymous internet trading platforms. We document an asymmetry in the feedback behaviour on eBay, propose an explanation based on the micro structure of the feedback mechanism...

Persistent link: https://www.econbiz.de/10005661442