Similar Search Results

Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry - Cowles Foundation for Research in Economics, Yale University - 2010

Different markets are cleared by different types of prices -- a universal price for all buyers and sellers in some markets, seller-specific prices that are uniform across buyers in others, and personalized prices tailored to both the buyer and the seller in yet others. We introduce the notion of...

Persistent link: https://www.econbiz.de/10008545756

Pricing and Investments in Matching Markets

Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry - Cowles Foundation for Research in Economics, Yale University - 2011

Different markets are cleared by different types of prices -- seller-specific prices that are uniform across buyers in some markets, and personalized prices tailored to the buyer in others. We examine a setting in which buyers and sellers make investments before matching in a competitive market....

Persistent link: https://www.econbiz.de/10009221543

Efficient Search by Committee

Bergemann, Dirk; Valimaki, Juuso - Cowles Foundation for Research in Economics, Yale University - 2011

This note constructs an efficient mechanism for finding the best candidate for a committee from a sequence of potential candidates. Committee members have independent private values information about the quality of the candidate. The mechanism selects the best candidate according to the standard...

Persistent link: https://www.econbiz.de/10008800354

Simultaneous Search

Chade, Hector; Smith, Lones - Cowles Foundation for Research in Economics, Yale University - 2006

We introduce and solve a new class of "downward-recursive" static portfolio choice problems. An individual simultaneously chooses among ranked stochastic options, and each choice is costly. In the motivational application, just one may be exercised from those that succeed. This often emerges in...

Persistent link: https://www.econbiz.de/10005593572

Wald Revisited: The Optimal Level of Experimentation

Moscarini, Giuseppe; Smith, Lones - Cowles Foundation for Research in Economics, Yale University - 1998

This paper revisits Wald's (1947) sequential experimentation paradigm, now assuming that an impatient decision maker can run variable-size experiments each period at some increasing and strictly convex cost before finally choosing an irreversible action. We translate this natural discrete time...

Persistent link: https://www.econbiz.de/10005762616

The Role of Commitment in Bilateral Trade

Gerardi, Dino; Horner, Johannes; Maestri, Lucas - Cowles Foundation for Research in Economics, Yale University - 2010

This paper solves for the set of equilibrium payoffs in bargaining with interdependent values when the informed party … equilibrium payoffs. Our results shed light on the role of different forms of commitment on the bargaining process. In particular …

Persistent link: https://www.econbiz.de/10011075769

Bargaining and Markets: Complexity and the Walrasian Outcome

Sabourian, Hamid - Cowles Foundation for Research in Economics, Yale University - 2000

are no transaction costs, the outcome of this matching and bargaining game should be the unique competitive equilibrium …

Persistent link: https://www.econbiz.de/10005593559

The Role of Commitment in Bilateral Trade

Gerardi, Dino; Horner, Johannes; Maestri, Lucas - Cowles Foundation for Research in Economics, Yale University - 2010

observing a given offer. We further characterize the equilibrium payoffs that can be achieved in the bargaining game in which …

Persistent link: https://www.econbiz.de/10008456248

Middle Men Versus Market Makers: A Theory of Competitive Exchange

Rust, John; Hall, George - Cowles Foundation for Research in Economics, Yale University - 2001

/ask prices? To address this question, we extend Spulber's (1996a) search model with buyers, sellers, and price setting dealers to …/ask price or they can search for a better price in the dealer market. We show that the entry of a monopolist market maker can be … search for better prices in the dealer market. Dealers act as a "competitive fringe" that undercut the bid/ask spread charged …

Persistent link: https://www.econbiz.de/10005593414

The Implementation Duality

Noldeke, Georg; Samuelson, Larry - Cowles Foundation for Research in Economics, Yale University - 2015

We use the theory of abstract convexity to study adverse-selection principal-agent problems and two-sided matching problems, departing from much of the literature by not requiring quasilinear utility. We formulate and characterize a basic underlying implementation duality. We show how this...

Persistent link: https://www.econbiz.de/10011201348