I study a model of trading under asymmetric information where traders can acquire expertise to become better informed. Within the context of this model, I propose and implement a method to estimate the ratio of the marginal social value to the marginal private value of expertise. More expert traders get rents because they can choose which assets to trade and they add social value because by cha...

How does the need to signal quality through price affect equilibrium pricing and profits, when a firm faces a similarly-situated rival? In this paper, we provide a model of non-cooperative signaling by two firms that compete over a continuum of consumers. We assume “universal incomplete information;” that is, each market participant has some private information: each consumer has private inform...

The maximum sustainable yield (MSY) is, theoretically, the largest yield that can be taken from a single species’ stock over an indefinite period. Formulation of strategic MSY management goals is, however, complicated by the need to move beyond biological single-species considerations. Interactions among species necessitate multispecies (MMSY) definitions, incorporating ecological, economic and...

The primary objective of this chapter is about innovation within specific social organizations, which compacts with the division of labor, knowledge creation, and the use of technology such as e-enterprise in social economy aimed at improving productivity. A significant proportion of the world’s economy is organized to make profits not only for investors but to sustain the employment of many di...

This paper extends the scope of the model of regulation of social exchanges based on the concept of a supervisor of social equilibrium. We allow the supervisor to interact with personality-based agents that control the supervisor access to their internal states, behaving either as transparent agents (agents that allow full external access to their internal states) or as non-transparent agents (...

This paper examines how the density of corporate and bank headquarters in a community, and the degree of social interconnection among local elites, influence changes in the density of different types of non-profit organizations. We contrast a cohesion approach, which emphasizes the positive influences of corporations and well-connected civic elites, with a critical approach that takes a skeptic...

T platforms, such as Microsoft Windows, are the hubs of technology industries. We develop a framework to characterize the optimal two-sided pricing strategy of a platform firm; that is, the pricing strategy toward the direct users of the platform as well as toward firms offering applications that are complementary to the platform. We compare industry structures based on a proprietary platform (...

Online portals provide personalization for “free” since the information acquired from consumers’ usage of these services is valuable for advertising and targeted marketing purposes. Consumers’ usage of services is determined by the tradeoff between their marginal value for personalized services and the resulting information privacy concerns and is captured by their personalization for privacy (...

Auctions are a class of multi-party negotiation protocols. Classical auctions try to maximize social welfare by selecting the highest bidder as the winner. If bidders are rational, this ensures that the sum of profits for all bidders and the seller is maximized. In all such auctions, however, only the winner and the seller make any profit. We believe that “social welfare distribution” is a desi...

Je vous le recommande : impact de l'intéressement aux bénéfices sur la pertinence des recommandations en ligne Abstract Recommender systems are commonly used by Internet firms to improve consumers' shopping experience and increase firm sales and profits. A large stream of work on recommender design has studied the problem of identifying the most relevant items to recommend to users. In parallel...