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A theory of simplicity in games and mechanism design
Pycia, Marek; Troyan, Peter - 2021
We introduce a general class of simplicity standards that vary the foresight abilities required of agents in extensive … matter what occurs at non-simple histories. We use our gradated approach to simplicity to provide characterizations of simple … mechanisms. While more demanding simplicity standards may reduce the flexibility of the designer in some cases, this is not …
Persistent link: https://www.econbiz.de/10012588492
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Bilateral trade with loss-averse agents
Benkert, Jean-Michel - 2022
The endowment and attachment effect are empirically well-documented in bilateral trade situations. Yet, the theoretical literature has so far failed to formally identify these effects. We fill this gap by introducing expectations-based loss aversion, which can explain both effects, into the...
Persistent link: https://www.econbiz.de/10013164118
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Bilateral trade with loss-averse agents
Benkert, Jean-Michel - 2022
The endowment and attachment effect are empirically well-documented in bilateral trade situations. Yet, the theoretical literature has so far failed to formally identify these effects. We fill this gap by introducing expectations-based loss aversion, which can explain both effects, into the...
Persistent link: https://www.econbiz.de/10013285525
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Central bank liquidity auction mechanism design and the interbank market
Ollikka, Kimmo; Tukiainen, Janne - 2013
We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market … valuations in the liquidity auctions. The model captures the relevant features of how the European Central Bank sells liquidity …. We use simulations to compare discriminatory price, uniform price and Vickrey auctions to a posted price mechanism with …
Persistent link: https://www.econbiz.de/10012148192
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Bilateral trade with loss-averse agents
Benkert, Jean-Michel - 2022
The endowment and attachment effect are empirically well-documented in bilateral trade situations. Yet, the theoretical literature has so far failed to formally identify these effects. We ftll this gap by introducing expectations-based loss aversion, which can explain both effects, into the...
Persistent link: https://www.econbiz.de/10013461489
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Matching for Credit: Identifying information asymmetries in joint-liability lending
Klein, Thilo - 2024
Microcredit, a financial tool providing uncollateralized loans to low-income individuals, has seen a shift from joint-liability (JL) to individual liabil- ity (IL) lending models. This article tests a theory explaining this shift, focusing on borrowers matching into groups exposed to similar...
Persistent link: https://www.econbiz.de/10015211873
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A dynamic auction for multi-object procurement under a hard budget constraint
Ensthaler, Ludwig; Giebe, Thomas - 2010
We present a new dynamic auction for procurement problems where payments are bounded by a hard budget constraint and money does not enter the procurer's objective function.
Persistent link: https://www.econbiz.de/10010334157
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A quantitative version of Myerson regularity
Schweizer, Nikolaus; Szech, Nora - 2015
In auction and mechanism design, Myerson's classical regularity condition is often too weak for a quantitative analysis of performance. For instance, ratios between revenue and welfare, or sales probabilities may vanish at the boundary of Myerson regularity. This paper introduces L-regularity as...
Persistent link: https://www.econbiz.de/10011403444
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The quantitative view of Myerson regularity
Schweizer, Nikolaus; Szech, Nora - 2015
In mechanism design, Myerson regularity is often too weak for a quantitative analysis of performance. For instance, ratios between revenue and welfare, or sales probabilities may vanish at the boundary of Myerson regularity. This paper therefore explores the quantitative version of Myerson...
Persistent link: https://www.econbiz.de/10011406447
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The Quantitative View of Myerson Regularity
Schweizer, Nikolaus; Szech, Nora - 2016
In mechanism design, Myerson regularity is often too weak for a quantitative analysis of performance. For instance, ratios between revenue and welfare, or sales probabilities may vanish at the boundary of Myerson regularity. This paper therefore explores the quantitative version of Myerson...
Persistent link: https://www.econbiz.de/10011431257