We consider the problem of a monopolist with an object to sell before some deadline, facing n buyers with independent private values. The monopolist posts prices but has no commitment power. We show that the monopolist can always secure at least the larger of the static monopoly profit and the revenue from a Dutch auction with a zero reserve price. When there are only a few buyers, her profits ...

Despite evidence that consumers search across both stores (spatial) and time (temporal), the search literature models search in only one dimension. We develop a model of spatiotemporal search that nests a finite horizon model of spatial search within an infinite horizon model of intertemporal search. The model is estimated using an iterative procedure that formulates it as a mathematical progra...

We study a dynamic buyer-seller problem in which the good is information and there are no property rights. The potential buyer is reluctant to pay for information whose value to him is uncertain, but the seller cannot credibly convey its value to the buyer without disclosing the information itself. Information comes as divisible hard evidence. We show how and why the seller can appropriate a su...

This paper outlines a bootstrapping approach to the estimation and analysis of macroeconometric models. It integrates for dynamic, nonlinear, simultaneous equation models the bootstrapping approach to evaluating estimators initiated by Efron (1979) and the stochastic simulation approach to evaluating models’ properties initiated by Adelman and Adelman (1959). It also estimates for a particular ...

This interim draft represents work in progress. It is submitted for discussion purposes at the Aggregation of Opinions conference sponsored by the Cowles Foundation, Yale University, September 15–17, 2006.

We consider abstract exchange mechanisms wherein individuals submit “diversified” offers in m commodities, which are then redistributed to them. Our first result is that if the mechanism satisfies certain natural conditions embodying “fairness”and “convenience”then it admits unique prices, in the sense of consistent exchange-rates across commodity pairs ij that equalize the valuation of offers ...