This paper solves for the set of equilibrium payoffs in bargaining with interdependent values when the informed party makes all offers, as discounting vanishes. The seller of a good is informed of its quality, which affects both his cost and the buyer’s valuation, but the buyer is not. To characterize this payoff set, we derive an upper bound, using mechanism design with limited commitment. We ...

We address a question posed by J.-F. Mertens and show that, indeed, R. J. Aumann's classical existence and equivalence theorems depend on there being ``many more agents than commodities.'' We show that for an arbitrary atomless measure space of agents there is a fixed non-separable infinite dimensional commodity space in which one can construct an economy that satisfies all the standard assumpt...

Contrary to most of the papers in the literature of investment under uncertainty we study models that not only capture the timing, but also the size of the investment. We consider a monopoly setting as well as a duopoly setting and compare the results with the standard models in which the firms do not have the capacity choice. Our main results are the following. First, for low uncertainty value...

We study how network externalities affect research and development (Rinvestments by a non−cooperative duopoly that offers compatible products. We find that multiple RDequilibria may arise when network externalities are non linear in the number of consumers. The lowest RDequilibrium corresponds to the case where network externalities are absent. However, even in the presence of network externali...

Rapid growth in heavy-tailed claim severity in commercial liability insurance requires insurer response by way of flexible mechanisms to update premiums. To this end in this paper a new premium principle is established for heavy-tailed claims, and its properties investigated. Risk-neutral premiums for heavy-tailed claims are consistently and unbiasedly estimated by the ratio of the first two ex...

In this paper, using the Value Efficiency in DEA pattern by taking decisive obtain. Generally, non-radial model of VE and use proper weight to reduce input and output gain are the appropriate pattern. This paper introduces a multi-objective linear programming problem and efficiency determines the value of inefficient units. Use interactive methods to solve MOLP proposed and applied. In conclusi...

Malmquist Productivity Index (MPI) is a numeric index that is of great importance in measuring productivity and its changes. In recent years, tools like DEA have been utilized for determining MPI. In the present paper, some models are recommended for calculating MPI when there are just ratio data available. Then, using DEA and DEA-R, some models are proposed under the constant returns to scale ...

With increasing participation in the global value chain (GVC), China’s economy has gradually entered middle and late stages of industrialization vigorous urbanization. However, accompanying problems, such as low-quality economic growth, excessive consumption resources, scarce energy supply environmental pollution, have also become major issues that social development must be solved. Therefore, ...