Three Essays in the Theory of Mechanisms
Author: Karsten Fieseler
Publisher:
Published: 1999
Total Pages: 112
ISBN-13:
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Author: Karsten Fieseler
Publisher:
Published: 1999
Total Pages: 112
ISBN-13:
DOWNLOAD EBOOKAuthor: Tymofiy Mylovanov
Publisher:
Published: 2004
Total Pages: 164
ISBN-13:
DOWNLOAD EBOOKAuthor: Aristotelis Boukouras
Publisher:
Published: 2011
Total Pages:
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DOWNLOAD EBOOKAuthor: Levent Ulku
Publisher:
Published: 2008
Total Pages: 71
ISBN-13:
DOWNLOAD EBOOKThis dissertation consists of three essays in the theory of mechanism design under incomplete information. In the first essay, we analyze an implementation problem in which monetary transfers are feasible, valuations are interdependent and the set of available choices lies in a product space of lattices. This framework is general enough to subsume many interesting examples, including allocation problems with multiple objects. We identify a class of social choice rules which can be implemented in ex post equilibrium. We identify conditions under which ex post efficient social choice rules are implementable using monotone selection theory. The key conditions are extensions of the single crossing property and supermodularity. These conditions can be replaced with more tractable conditions in multiobject allocation problems with either two objects or two agents. I also show that the payments which implement monotone social decision rules coincide with the payments of (1) the classical Vickrey-Clarke-Groves mechanism with private values, and (2) the generalized Vickrey auction introduced by Ausubel [1999] in multiunit allocation problems. The second essay generalizes the analysis of optimal (revenue maximizing) mechanism design for the seller of a single object introduced by Myerson [1981]. We consider a problem in which the seller has several heterogeneous objects and buyers' valuations depend on each other's private information. We analyze two nonnested environments in which incentive constraints can be replaced with more tractable monotonicity conditions. We establish conditions under which these monotonicity conditions can be ignored, and show that several earlier analyses of the optimal mechanism design problem can be unified and generalized. In particular, problems with two complementary goods in Levin [1997] and multiunit auction problems in Maskin and Riley [1989] and Branco [1996] are special cases. The third essay considers the problem of selling internet advertising slots to advertisers. Under suitable conditions, we solve for the payments imposed by an optimal mechanism and show that it can be decentralized via prices using a linear assignment approach. At every configuration of private information, optimal mechanism can be interpreted as a menu consisting of a price for every slot.
Author: Sugato Dasgupta
Publisher:
Published: 1997
Total Pages: 450
ISBN-13:
DOWNLOAD EBOOKAuthor: Jin Kim
Publisher:
Published: 2003
Total Pages: 222
ISBN-13:
DOWNLOAD EBOOKAuthor: Edward Erwin
Publisher: Taylor & Francis
Published: 2002
Total Pages: 690
ISBN-13: 9780415936774
DOWNLOAD EBOOKFirst Published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.
Author: Robert J. Rosen
Publisher: Academic Press
Published: 2013-09-03
Total Pages: 223
ISBN-13: 1483272346
DOWNLOAD EBOOKTheoretical Biology and Complexity: Three Essays on the Natural Philosophy of Complex Systems is made up of three short essays—each separately conceived and written, each with distinct thrusts and emphases, but nevertheless closely related in substance and spirit. All three spring from a common concern: to grasp and comprehend the material basis of living systems. The first essay is about the interaction between particles and the consequent observable manifestations. It casts the analysis of the measurement process into an elegant dualism relating modes of description, and explores the consequences of this dualism for what may be called classical physics. The second essay explores the deeper consequences of representing the properties of natural systems through states built up out of observable quantities, and the dynamics that such systems impose on each other through interactions. The final essay argues that traditional modes of system representation, involving fixed sets of states together with imposed dynamical laws, strictly pertains only to an extremely limited class of systems (called simple systems or mechanisms). Systems not in this class are called “complex, and these can only be in some sense approximated, locally and temporally, by simple ones. Such a radical alteration of viewpoint leads to a large number of concrete, practical consequences, some of which are described in the essay.
Author: Carrie Lee Rothgeb
Publisher:
Published: 1971
Total Pages: 242
ISBN-13:
DOWNLOAD EBOOKAuthor: Iván Blanco
Publisher: Ed. Universidad de Cantabria
Published: 2019-02-15
Total Pages: 90
ISBN-13: 8481028770
DOWNLOAD EBOOKDo financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.