Bidding in first-price auctions crucially depends on the beliefs of the bidders about their competitors' willingness to … uncertainty a bidder will expect to face the distribution of valuations that minimizes her expected utility, given her bid is an …

most importantly to the risk entailed in their portfolio. Bidders possess symmetric information concerning the secondary … market's yield. We choose to use a uniform pricing mechanism contrary to discriminatory as the former generates more revenues … and reduces the winner's curse. As a first step, we prove the existence of symmetric Bayesian Nash equilibrium when risk …

I investigate the decision problem of a player in a game of incomplete information who faces uncertainty about the … uncertainty. A bidder following this decision criterion in a first-price auction expects all other bidders to bid their highest …

We analyze security-bid auctions in which two risk-neutral sellers compete for risk-averse bidders. Sellers face a … risk-averse, all equilibria are symmetric. Meanwhile, when they are heterogeneously risk-averse, there is always an … equilibrium in which one seller chooses a steeper family to serve the more-risk-averse bidders, while the other chooses a flatter …

uncertainty and other effects that are particularly manifest in cognitive processes, which makes it well suited for the study of …

of risk, both being associated to the stresses supported by the socio-economic system. We propose instruments for … resilience build-up and management based on a novel classification of risk and resilience management regimes corresponding to the … system's degree of uncertainty/predictability and stress level within it. Four main quadrants are identified: Ad hoc …

The decision how to share resources with others often needs to be taken under uncertainty on its allocational … consequences. Although risk preferences are likely important, existing research is silent about how social and risk preferences … not exposed to risk while beneficiaries' final earnings may be larger or smaller than the allocation itself, depending on …

uncertainty about abatement costs and environmental damages. Such a ‘Rules Treaty’ comprises a scaling factor and a refunding rule … international agency is allowed to issue additional permits in accordance with the scaling factor. The agency auctions all …