Firms spend a half-trillion dollars advertising each year. To model and examine the welfare effects of with heterogeneous goods Grossman Shapiro (1984) informative in monopolistic competition find that is socially excessive for large numbers sellers. However, it has been noted their equilibrium may not exist. We present tractable replacing standard assumption finite number firms continuum firms...

In todays high voltage processes the optimization of process and layout design is a key point to get competitive products. Effects like punch-through between two junctions and breakdown near the surface of the wells make it necessary to analyze complex three-dimensional process steps by simulators which give accurate answers to the process engineers.

Dynamic pricing of goods in a competitive environment to maximize revenue is a natural objective and has been a subject of research over the years. In this paper, we focus on a class of markets exhibiting the substitutes property with sellers having divisible and replenishable goods. Depending on the prices chosen, each seller observes a certain demand which is satisfied subject to the supply c...

In real electronic markets, each bidder arrives and departs over time. Thus, such a mechanism that must make decisions dynamically without knowledge of the future is called an online mechanism. In an online mechanism, it is very unlikely that the mechanism designer knows the number of bidders beforehand or can verify the identity of all of them. Thus, a bidder can easily submit multiple bids (f...

This paper presents a general model of a competitive market with consumption externalities, and establishes the existence of equilibrium in the model, under assumptions comparable to those in classical models. The model allows production and indivisible goods. Examples illustrate the generality and applicability of the results.

The banking industry has been a pioneer in adopting electronic markets with exchanges, clearinghouses, and multilateral trading facilities having become the backbone of today’s globally integrated financial transactions. While most banks use the services of these electronic markets to handle interbank processes, they still strive for bilateral relations in the field of customer-facing processes...