(2014) kmth price sealed-bid auctions with general independent values and equilibrium linear markups. Notice: Changes introduced as a result of publishing processes such as copy-editing and formatting may not be reflected in this document. For a definitive version of this work, please refer to the published source: ABSTRACT A generalised bidding model is developed to calculate the bidder's expe...

This paper is concerned with multistage bidding models introduced by De Meyer and Moussa Saley (2002) to analyze the evolution of the price system at finance markets with asymmetric information. The zero-sum repeated games with incomplete information are considered modeling the bidding with countable sets of possible prices and admissible bids. It is shown that, if the liquidation price of a sh...

This paper explores a game where sellers of products sell the information concerning what price is charged for their products to an agent trying to find the minimum price in the market. Each seller draws a product price from a different distribution, known to the agent. Sellers know both their competitors’ distributions and the actual competitors’ price. In equilibrium the lowest product price ...

The seminal work of Phelps, Taylor, and Cairo developed forwardlooking models of price determination that imparted inertia to the price leveh These models incorporate expectations of future prices and excess demand by imposing constraints (typically lag-lead symmetry constrainls) that force future variables to enter the specification. In this paper, I test the empirical significance of future p...

This paper examines how enforcement affects the structure and performance of emissions trading programs with price controls under uncertainty about firms’ abatement costs. The analysis highlights how an enforcement strategy can cause abatement-cost risk to be transmitted to enforcement costs via the price of permits. When this occurs, accommodating the effect of abatement-cost risk with an opti...

We use health insurance claims data from 63 large employers to estimate the extent of price shopping for nine common outpatient services in consumer-directed health plans (CDHPs) compared to traditional health plans. The main measures of price-shopping include: (1) the total price paid on the claim, (2) the share of claims from low and high cost providers and (3) the savings from price shopping...

We consider a single-period inventory model in which a risk-averse retailer faces uncertain customer demand and makes a purchasing-order-quantity and a selling-price decision with the objective of maximizing expected utility. This problem is similar to the classic newsvendor problem, except: (a) the distribution of demand is a function of the selling price, which is determined by the retailer; ...

We compare several emissions reduction instruments, including quantity policies with banking and borrowing, price policies, and hybrid policies (safety valve and price collar), using a dynamic model with stochastic baseline emissions. The instruments are compared under the design goal of obtaining the same expected cumulative emissions across all options. Based on simulation analysis with the m...

This paper empirically examines the relation between the expected stock return and the bid-ask spread. Using the same portfolio formation method as in Amihud and Mendelson (1986) but different test methodologies, we do not find any clear reliable relation between the CAPM risk-adjusted return and the relative bid-ask spread. Our empirical results are more consistent with the conclusions of Cons...