This paper investigates the holdup problem in the dynamic search market where buyers and sellers search for their trading partners and specific investments are made after match but before trade. We show that frictionless (competitive) market imposes severe limitations on attainable efficiencies: Markets with small friction make the holdup problem more serious than those with large friction beca...

In this work, feasibility of flow pattern and oil holdup prediction for vertical upward oil–water two–phase flow using pressure fluctuation signals was experimentally investigated. Water and diesel fuel were selected as immiscible liquids. Oil holdup was measured by Quick Closing Valve (QCV) technique, and five flow patterns were identified using high speed photography through a transparent tes...

This paper studies bilateral trade in which the seller makes a hidden investment that influences the buyer’s hidden valuation. In general it is impossible to implement both first-best efficient trade and efficient investment using budgetbalanced trading mechanisms. The paper fully characterizes the constrained efficient contracts. It is shown that the optimal tradeoff between allocative efficie...

bubble column reactors are used in a wide variety of applications such as multiphase bioreactors, catalytic slurry reactors, and absorption processes. the superficial gas velocity-gas holdup relationship and transition point are two important parameters for characterizing the hydrodynamics of a bubble column reactor. in this study, systematic investigation of a nitrogen - water - glass beads bu...