In Internet auctions bidders frequently bid in one of three ways: either only early, or late, or they revise their early bids. This paper rationalizes all three bidding patterns within a single equilibrium. We consider a model of a dynamic auction in which bidders can search for outside prices during the auction. We …nd that in the equilibrium bidders with the low search costs bid only late and...

We introduce quantificational modal operators as dynamic modalities with (extensions of) Henkin quantifiers as indices. The adoption of matrices of indices (with action identifiers, variables and/or quantified variables as entries) gives an expressive formalism which is here motivated with examples from the area of multi-agent systems. We study the formal properties of the resulting logic which...

A first-order dynamic epistemic logic is developed where the names of the agents are also terms in the sense of first-order logic. Consequently one can quantify over epistemic modalities. Using constructs from dynamic logic one can express many interesting concepts. First-order update models are developed and added to the language as modalities.

Many logical methods are usually considered suitable to express the static properties of security protocols while unsuitable to model dynamic processes or properties. However, a security protocol itself is in fact a dynamic process over time, and sometimes it is important to be able to express time-dependent security properties of protocols. In this paper, we present a new timed logic based on ...

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Unlike standard modal logics, many dynamic epistemic logics are not closed under uniform substitution. A distinction therefore arises between the logic and its substitution core, the set of formulas all of whose substitution instances are valid. The classic example of a non-uniform dynamic epistemic logic is Public Announcement Logic (PAL), and a well-known open problem is to axiomatize the sub...

In this article the method of pricing the liabilities of a financial institution by means of dynamic mean–variance hedging is applied to the situation of an incomplete market that is nevertheless in equilibrium with homogeneous expectations. For a given stochastic asset–liability model that is consistent with the market, the article shows how to determine the price at which, subject to specifie...

Visual specification of software is gaining popularity, but its usage is restricted by the lack of precise semantics of visual languages. In the present work, precise semantics of visual languages is defined. Three kinds of deep semantics of schemes are presented as different ways of usage of attribute models of schemes. Attribute models of a wide class of schemes are defined and higher-order a...