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Courty, Pascal - C.E.P.R. Discussion Papers - 2002

, the monopolist cannot do strictly better by allowing resale despite the fact that consumers are willing to pay more when …

Persistent link: https://www.econbiz.de/10005656183

Resale Markets and the Assignment of Property Rights

Jehiel, Philippe; Moldovanu, Benny - C.E.P.R. Discussion Papers - 1995

-dependent externalities to the non-consumers. Resale markets for such goods are analysed in various institutional settings with complete … independence and efficiency properties are logically unrelated. …

Persistent link: https://www.econbiz.de/10005124469

Effects of religiosity on social behaviour: Experimental evidence from a representative sample of Spaniards

Brañas-Garza, Pablo; Espín, Antonio M.; Neuman, Shoshana - C.E.P.R. Discussion Papers - 2013

, bargaining behaviour and sense of fairness/equality, trust, and positive reciprocity. Three dimensions of religiosity are …

Persistent link: https://www.econbiz.de/10011083371

Price Controls and Consumer Surplus

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2009

The condition for when a price control increases consumer welfare in perfect competition is tighter than often realised. When demand is linear, a small restriction on price only increases consumer surplus if the elasticity of demand exceeds the elasticity of supply; with log-linear or...

Persistent link: https://www.econbiz.de/10004976788

Information Revelation and Efficiency in Auctions

Mikusheva, Anna; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2002

We study the impact of information revelation on efficiency in auctions. In a constrained-efficient mechanism, i.e. a … increases the expected efficiency of the mechanism. This result cannot be extended to a more general setup: in a second …-price sealed-bid auction, revelation of information might lead to efficiency losses. …

Persistent link: https://www.econbiz.de/10005067415

Estimating the Gains From Trade in Limit Order Markets

Hollifield, Burton; Miller, Robert A.; Sandås, Patrik; … - C.E.P.R. Discussion Papers - 2004

We present a method for identifying and estimating the gains from trade in limit order markets and provide new empirical evidence that the limit order market is a good market design. The gains from trade in our model arise because traders have different valuations for the stock. We use...

Persistent link: https://www.econbiz.de/10005661605

A Primer on the MFA Maze

de Melo, Jaime; Faini, Riccardo - C.E.P.R. Discussion Papers - 1992

The paper identifies the potential sources of allocative inefficiency generated by the Multi-Fiber Agreements (MFA) and examines the evidence for such inefficiencies. Five sources of inefficiency are identified relating to inefficient allocations across countries, across consumers, and among...

Persistent link: https://www.econbiz.de/10005136661

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

Auctions with Anticipated Emotions: Overbidding, Underbidding, and Optimal Reserve Prices

Roider, Andreas; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2007

The experimental literature has documented that there is overbidding in second-price auctions, regardless of bidders' valuations. In contrast, in first-price auctions there tends to be overbidding for large valuations, but underbidding for small valuations. We show that the experimental evidence...

Persistent link: https://www.econbiz.de/10005498113

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