Tirole (1982) is commonly interpreted as proving that bubbles are impossible with finitely many rational traders with common priors. We study a simple variation of his model in which bubbles can occur, even though traders have common priors and common knowledge that the asset has no fundamental value. In equilibrium, agents purchase the asset at successively higher prices until the bubble "burs...

This paper reviews an important period in the use of cryptographic methods in Mexican History, the Mexican Revolution from 1910–1916. As is the case in any civil war, there were many groups in conflict. Among several leaders in theMexican Revolution, it is worth mentioning Porfirio Dı́az, Francisco I. Madero and Venustiano Carranza. They represent three main groups which used characteristic cryp...

The historic relation between Frege and ‘Frege’s principle’ is investigated. What did Frege intend with the principle, did he change his opinion concerning it, did he invent the principle? Johan van Benthem did twenty years ago reseach on another aspect of Frege’s work and some of his opinions are confirmed by the present research. His pregnant formulations and suggestive metaphors are quoted w...

This article focuses on the analysis of public opinions of the Ukrainian people on the nature, character, and characteristics of the citizens’ political activism during the Orange Revolution. The author analyzes data from the annual nationwide representative survey, conducted by the Institute of Sociology, National Academy of Sciences of Ukraine in February–March 2005. The time lag allows for t...

The bebop style of jazz is a pivotal invention in twentieth-century American popular music an outgrowth of the rhythmic and harmonic experiments of young African-American jazz musicians. At first a source of controversy because of its unorthodox approach, bebop eventually gained widespread acceptance as the foundation of "modern" jazz, and it continues to influence jazz musicians. The process o...

Borrowing from multiple creditors exposes firms to liquidation risks due to coordination problems among creditors, but it also improves the firms’ repayment incentives, thereby increasing pledgeability. Based on this trade-off, I develop a dynamic debt rollover model to analyze the evolution of creditor dispersion. Consistent with empirical findings, firms optimally increase the number of credi...

We are interested in mechanisms that maximize social welfare. In [2] this problem was studied for multi-unit auctions and for public project problems, and in each case social welfare undominated mechanisms were identified. One way to improve upon these optimality results is by allowing the players to move sequentially. With this in mind, we study here a sequential version of the Bailey-Cavallo ...

One hundred and forty-four years elapsed between the publication of Copernicus’s De Revolutionibus, which opened the great scientific revolution of the XVII century, and the publication of Newton’s Principia, the final synthesis that brought that revolution to a spectacularly successful end. During those hundred and forty-four years, the basic grammar for understanding the physical world change...

In auctions with private information acquisition costs, we completely characterize efficient and optimal two-stage selling mechanisms, with the first stage being the pre-screening or entry right allocation mechanism, and the second stage being the traditional private good provision mechanism. Both efficiency and optimality require the second stage mechanism to be ex post efficient. For the firs...