In empirical studies of sequential auctions of identical objects, prices have been found to decline. We study auctions of ancient Chinese porcelain recovered from shipwrecks. In these auctions, there are very long sequences of lots of identical objects. We find that the average price decline is...

We discuss the welfare effects of bundling two products offered by two symmetric firms. We first show that, in terms of welfare, a monopoly does better than a duopoly in which each firm sell its good and that a monopoly selling the bundle does better than if it sells the bundle and the two goods...

We analyze the empirical relationship between journal prices, their quality measured by their citation counts, their age, as well as conduct of publishers. The database covers 22 scientific fields and over 2600 among the most highly reputed and cited journals in 2003. We show that (a) for-profit...

The transfer paradox describes a situation in which a transfer ofendowments between two agents results in a welfare decrease for therecipient and a welfare increase for the donor. It is known that ina two-agent regular exchange economy with an arbitrary number ofgoods, the transfer paradox...

We provide a nonparametric 'revealed preference' characterization of rational household behavior in terms of the collective consumption model, while accounting for general (possibly non-convex) individual preferences. We establish a Collective Axiom of Revealed Preference (CARP), which provides...

We develop a novel framework to analyze the structural implications of the marriage market for household consumption patterns. We start by defining a revealed preference characterization of efficient household consumption when the marriage is stable. In particular, stability means that the...