Showing 1 - 2 of 2
We study the allocation of several heterogenous, commonly ranked objects to impatient agents with privately known characteristics who arrive sequentially according to a Poisson or renewal process. We analyze and compare the policies that maximize either welfare or revenue. We focus on two cases:...
Persistent link: https://www.econbiz.de/10005789155
We study the efficiency property of responsive pricing - a scheme first proposed by Vickrey - that increases prices as a function of capacity utilization. We show that although responsive pricing implements allocations that are arbitrarily close to market clearing, these allocations are not...
Persistent link: https://www.econbiz.de/10005791922