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Contrary to common practice in selling homes and start-ups, mechanism design theory typically recommends English … (increasing price) over Dutch (decreasing price) auctions. Yet this theory neglects the uncertain investment required to …
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Multiplicity of equilibria is a common problem in many economic models. In general, it is impossible to devise methods that always find all equilibria for any type of model. A notable exception are models in which all equilibria are solutions to a system of polynomial equations since there are...
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