A long-standing unsolved problem, often arising from auctions with multidimensional bids, is how to design seller-optimal auctions when bidders' private characteristics differ in many dimensions. This paper partially solves the problem in an auction setting with characteristics stochastically...

Successful individuals were frequently found to be overly optimistic. This is puzzling because it might be thought that optimistic individuals who consistently overestimate their eventual payoffs will not do as well as realists who see the situation as it truly is and hence will not survive...

In this paper we examine the consequences of this difference for (i) firm's R&D and patenting behavior, (ii) consumers' surplus and social welfare, and (iii) the incentives of firms to innovate, in a setting where patent protection is imperfect in the sense that patent applications may be...

This paper considers vertical restraints in the context of an intrabrand competition model in which a single manufacturer deals with two vertically differentiated retailers. We establish two main results. First, we show that if the market cannot be vertically segmented, the manufacturer will...