Based on high-frequency firm-level data, this paper uncovers new empirical patterns on intraday momentum in China. First, there exists a strong intraday momentum effect at the firm level. Second, the intraday predictability stems mainly from the overnight component rather than the opening...

Strategic bidding problems are becoming key issues in competitive electricity markets. This paper applies bilevel optimization theory to deal with this issue. We first analyze generating company strategic bidding behaviors and build a bilevel optimization model for a day-ahead electricity...

When providing professional services, an expert may misbehave by either prescribing the "wrong" treatment for a consumer's problem or failing to exert proper effort to diagnose it. We show that under a range of liabilities the expert will recommend the appropriate treatment based on his private...

When providing professional services, an expert may misbehave by either prescribing the "wrong" treatment for a consumer's problem or failing to exert proper effort to diagnose it. We show that under a range of liabilities the expert will recommend the appropriate treatment based on his private...

The performance of dichotomous and polytomous IRT models in equating testlet-based tests was compared in this study.To clarify the conditions under which dichotomous and polytomous item response models produce differing results, the DIMTEST program was used for testing essential...

We study the role of liability in disciplining an expert's behavior in a credence good market. The expert, who can provide two potential treatments for a consumer's problem, may misbehave in two ways: prescribing the "wrong" treatment given his private information, or failing to exert proper...

We study the design of efficient liability in expert markets. An expert may misbehave in two ways: prescribing the "wrong" treatment for a consumer's problem, or failing to exert proper effort to diagnose the problem. We show that under a range of liabilities, the expert will choose the...

When providing professional services, an expert may misbehave by either prescribing ``wrong'' treatment for consumer's problem or failing to exert proper effort to diagnose it. We show that under a range of liabilities the expert will recommend the appropriate treatment based on his private...