Auction Price Anomalies PDF Download

Author: Chris Jones
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 42

View

Book Description

Author: Stefan Weishaar
Publisher: Kluwer Law International B.V.
ISBN: 9041131981
Category : Law
Languages : en
Pages : 272

View

Book Description
Emissions trading systems have come to the fore as the most economically efficient mechanisms that can be employed to bring about an optimal greenhouse gas reduction goal. Even though much has been written about the advantages and disadvantages of these systems, one element of crucial importance and– emission allowance allocation and– has not been considered in adequate depth until the present study. Such an analysis takes on increased importance as it seems likely that market-based auctioning will become the default allocation method throughout the EU under a proposed amendment to the Emissions Trading System (ETS) established by Directive 2003/87/EC. Taking a law and economics approach and– that is, using a combined perspective of industrial economics and legal analysis and– this important book examines the potential for anticompetitive distortion that may result from auctioning emission allowances. Among the issues investigated in depth are the following: whether the current setup of the EU ETS fosters allocative efficiency or whether this allocative efficiency is hindered by legal impediments or constraints; whether EU competition law can serve to remedy anticompetitive effects stemming from Member State actions taken pursuant to Directive 2003/87/EC; which allocation formats are most desirable from an allocative efficiency and environmental effectiveness point of view; the importance of initial allocation and adjustment of out-of-equilibrium situations under the amended ETS; whether auctioning allowances serves the attainment of market equilibrium even in the continuing presence of and‘polluter havensand’; the effect of the ECJand’s so-called and‘joint application jurisprudenceand’ on the ETS; and the allocation of allowances from a state aid perspective. The book provides both a coherent typology of emission allowance allocation mechanisms and the main characteristics of the present emissions trading system, setting the gained insights into a broader perspective. It examines how various assignment mechanisms deal with issues such as price determination, allocative efficiency and environmental effectiveness. It considers how market-based allocation mechanisms compare with administrative allocation mechanisms, particularly those based on the widely applied grandfathering method. And perhaps most important and– and of especial value to practitioners and policymakers and– it identifies the auction design challenges that must be addressed by the Commission in its implementing regulation due by 30 June 2010.

Author: Paul Milgrom
Publisher: Cambridge University Press
ISBN: 1139449168
Category : Business & Economics
Languages : en
Pages : 378

View

Book Description
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.

Author: Orley Ashenfelter
Publisher:
ISBN: 9789814740586
Category : Wine and wine making
Languages : en
Pages :

View

Book Description
Volume 1. Prices, finance, and expert opinion -- Volume 2. Reputation, regulation, and market organization

Author: Gianfranco Mossetto
Publisher: FrancoAngeli
ISBN: 9788846441645
Category : Art
Languages : en
Pages : 260

View

Book Description

Author: Ruth Towse
Publisher: Edward Elgar Publishing
ISBN: 9781781008003
Category : Business & Economics
Languages : en
Pages : 516

View

Book Description
'Ruth Towse is to be congratulated on assembling such a high quality range of writers on cultural economics and on orchestrating their contributions so expertly. From anthropology and auctions through copyright and superstars to visual arts and welfare economics, scholars and general readers alike will discover in this Handbook an absorbing compendium of entries covering the main themes of a fascinating sub-discipline.' - Martin Ricketts, University of Buckingham, UK 'The best collection on cultural economics, definitive. An invaluable, original, and important addition to the field. Ruth Towse is the perfect person to put such a book together. Unlikely to be surpassed anytime soon.' - Tyler Cowen, George Mason University, Mercatus Center and James Buchanan Center for Political Economy, US A Handbook of Cultural Economics includes over 60 eminently readable and concise articles by 50 expert contributors. This unique Handbook is both highly informative and readable; it covers a wide area of cultural economics and its closely related subjects. While being accessible to any reader with a basic knowledge of economics, it presents a comprehensive study at the fore-front of the field. Of the many subjects discussed, chapters include: Art (including auctions, markets, prices, anthropology), artists' labour markets, arts management and corporate sponsorship, globalization, the internet, media economics, museums, non-profit organisations, opera, performance indicators, performing arts, publishing, regulation, tax expenditures, value of culture and welfare economics.

Author: Dimitris Fotakis
Publisher: Springer Nature
ISBN: 3030304736
Category : Computers
Languages : en
Pages : 401

View

Book Description
This book constitutes the refereed proceedings of the 12th International Symposium on Algorithmic Game Theory, SAGT 2019, held in Athens, Greece, in September/October 2019. The 25 full papers presented together with 3 invited talks and one abstract paper were carefully reviewed and selected from 55 submissions. The papers are organized in topical sections named: Algorithmic Mechanism Design; Auctions and Markets; Computational Aspects of Games; Network Games and Congestion Games; Social Choice; and Matchings and Fair Division.

Author: Flavio F. Menezes
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 32

View

Book Description

Author: Ian Ayres
Publisher: University of Chicago Press
ISBN: 0226033538
Category : Business & Economics
Languages : en
Pages : 893

View

Book Description
If you're a woman and you shop for a new car, will you really get the best deal? If you're a man, will you fare better? If you're a black man waiting to receive an organ transplant, will you have to wait longer than a white man? In Pervasive Prejudice? Ian Ayres confronts these questions and more. In a series of important studies he finds overwhelming evidence that in a variety of markets—retail car sales, bail bonding, kidney transplantation, and FCC licensing—blacks and females are consistently at a disadvantage. For example, when Ayres sent out agents of different races and genders posing as potential buyers to more than 200 car dealerships in Chicago, he found that dealers regularly charged blacks and women more than they charged white men. Other tests revealed that it is commonly more difficult for blacks than whites to receive a kidney transplant because of federal regulations. Moreover, Ayres found that minority male defendants are frequently required to post higher bail bonds than their Caucasian counterparts. Traditional economic theory predicts that free markets should drive out discrimination, but Ayres's startling findings challenge that position. Along with empirical research, Ayres offers game—theoretic and other economic methodologies to show how prejudice can enter the bargaining process even when participants are supposedly acting as rational economic agents. He also responds to critics of his previously published studies included here. These studies suggest that race and gender discrimination is neither a thing of the past nor merely limited to the handful of markets that have been the traditional focus of civil rights laws.

Author: David J. Salant
Publisher: MIT Press
ISBN: 0262028263
Category : Business & Economics
Languages : en
Pages : 199

View

Book Description
A guide to modeling and analyzing auctions, with the applications of game theory and auction theory to real-world auction decision making. Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions. This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.