Technological progress is typically a result of trial-and-error research by competing firms. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end...

Technological progress is typically a result of trial-and-error research by competing firms. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end...

This paper provides an explicit characterization of correlations that are implicitly captured by partition models for incomplete information games. The main result of this paper shows that every partition model for incomplete information can be decomposed into the conjunctions of a unique...

of reputation building converges to a level strictly between 0 and 1. However, the two limiting cases differ in the number of third party signals invoked.

We study the role that price transparency plays in determining the efficiency and surplus division in a sequential bargaining model of price formation with asymmetric information. Under natural assumptions on type distributions, and for any discount factor, we show that the unobservability of...

We study auction design in the standard symmetric independent private values environment, where the seller lacks the commitment power to withhold an unsold object off the market. The seller has a single object and can conduct an infinite sequence of standard auctions with reserve prices to...

In this paper, we fabricated Pt/TiOx/ZnO/n+-Si structures by inserting TiOx interlayer between Pt top electrode (TE) and ZnO thin film for non-volatile resistive random access memory (ReRAM) applications. Effects of TiOx interlayer with different thickness on the resistance switching of...

We formulate a notion of stable outcomes in matching problems with one‐sided asymmetric information. The key conceptual problem is to formulate a notion of a blocking pair that takes account of the inferences that the uninformed agent might make. We show that the set of stable outcomes is...