The paper examines a general class of multi-unit auctions. The class of games investigated includes uniform-price, pay-your-bid, all-pay and Vickrey auctions as special cases. The seller offers k identical units of goods and sets the minimum accepted bid. Bidders have atomless valuation...

This paper analyzes debt contracting in the presence of gambling on resurrection under different bankruptcy regimes. Ex-ante effects on investment levels, interest rates and profit, and ex-post effects on debtor's strategy choices are examined. A model of a debtor-creditor relationship is...

This paper proposes that globalization, through the enlargement of the market, can influence both specialization and the equilibrium firm size. By re-introducing two factors of production into the muchutilized Dixit-Stiglitz-Ethier framework, I show that gains from specialization depend only on...

We estimate the impact of macroeconomic news on composite stock returns in three emerging European Union financial markets (the Budapest BUX, Prague PX-50, and Warsaw WIG-20), using intraday data and macroeconomic announcements. Our contribution is twofold. We employ a larger set of...

We investigate experimentally the conjecture that loss avoidance solves the tension in stag-hunt games for which payoff dominance and risk dominance make conflicting predictions. Contrary to received textbook wisdom, money-losing outcomes do shift behavior, albeit not strongly, toward the...

One’s position in an alphabetically sorted list may be important in determining access to rationed goods or oversubscribed public services. Motivated by anecdotal evidence, we investigate the importance of the position in the alphabet of the last name initial of Czech students for their...

Small start-up firms are the engine of job creation in early transition and yet little is known about the characteristics of this new sector. We seek to identify patterns of job growth in this sector in terms of niches left from central planning and ask about differences in job creation across...

In this paper I study the behavior of free-good producers (TV broadcasters) on a market where every consumer (TV viewer) perpetually makes a decision whether to consume and which product (TV channel) to consume contingent on the attractiveness of the currently consumed product. Every producer...

Do women perform worse than equally able men in stressful competitive settings? We ask this question for competitions with a high payoff---admissions to tuition-free selective universities. With data on an entire cohort of Czech students graduating from secondary schools and applying to...

Allowing for endogenous entry in the traditional Stackelberg setup with product differentiation, leads to reverting of the standard comparative static and limiting results. Unlike in the standard Stackelberg setup with barriers to entry, the leader's profit increases when the differentiation...