Greece's debt-to-GDP ratio is reaching unsustainable levels. But why should the debt load of such a small country cause such outsized tremors in global financial markets?Greek debt may be relatively small, but a sufficient amount is held by a few major banks in Europe to cause disruptions to the...

The optimal reserve price in the independent private value paradigm is generally expressed as a functional of the latent distribution of private signals, which is by nature unobserved. This feature has limited the implementation of the optimal reserve price in practice. In this article, we...

This paper makes three contributions. Firstly, it uses copula functions to obtain a flexible bivariate parametric model for non-negative integer-valued data (counts). Secondly, it recovers the distribution of the difference in the two counts from a specified bivariate count distribution....

We study the effects of mergers in timber sale auctions in Oregon. We propose an entry and bidding model within the affiliated private value (APV) framework and with heterogeneous bidders, and establish existence of the entry equilibrium and existence and uniqueness of the bidding equilibrium...

This article considers modeling response bias when the response is a count. The authors adopt a “structural approach†by using a generalized negative binomial mixture of Poisson distribution to model misreported counts, assuming that the distribution of the true response follows a...

Density waves are investigated analytically and numerically in the optimal velocity model with reaction-time delay of drivers. The stability condition of this model is obtained by using the linear stability theory. The results show that the decrease of reaction-time delay of drivers leads to the...