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Author: Caio Waisman Publisher: ISBN: Category : Languages : en Pages :
Book Description
This dissertation empirically investigates the performance of different selling mechanisms. The first chapter addresses the tradeoff between auctions ans posted prices in the context of a scarce perishable good. It makes use of data on National Football League tickets offered at eBay and leverages the within-seller and within-product variation in mechanism choice to estimate a dynamic structural model in which heterogeneous, forward-looking sellers optimally choose between the different mechanisms and their features. Counterfactual results suggest that sellers would experience an average 87.75% decrease in expected revenues if auctions were removed and an almost 13% decrease if posted prices were. In turn, consumers would benefit from an auction-only platform since the expected number of transactions would increase and expected transaction prices would decrease. The second chapter is co-authored with Dom Coey, Brad Larsen, and Kane Sweeney and it focuses on online auctions. In particular, the majority of these auctions are effectively second-price auctions, which implies that to implement the optimal mechanism the seller's problem boils down to choosing the optimal reserve price. Hence, we propose a set of estimators to discover what the optimal reserve price should be and which remain valid under general conditions. We establish the asymptotic properties of these estimators, propose a learning policy for sellers who run absolute auctions to gather data to estimate what reserve price they should use, and illustrate our tools using data from eBay on smartphones. Finally, we also discuss how the approach we propose can be extended to explicitly account for asymmetric bidders and implement the Myerson (1981) optimal auction. The final chapter is also co-authored with Dom Coey, Brad Larsen, and Kane Sweeney. It addresses the empirical analysis of ascending auctions, which is often complicated by severe data restrictions. In particular, we extend the methodology proposed by Aradillas-López et al. (2013) by first proving it remains valid under bidder asymmetries even when the identities of bidders are not observed and then by showing how this information, when available, can be used to improve upon existing tools. We demonstrate the advantages of this approach using USFS timber auctions.
Author: Caio Waisman Publisher: ISBN: Category : Languages : en Pages :
Book Description
This dissertation empirically investigates the performance of different selling mechanisms. The first chapter addresses the tradeoff between auctions ans posted prices in the context of a scarce perishable good. It makes use of data on National Football League tickets offered at eBay and leverages the within-seller and within-product variation in mechanism choice to estimate a dynamic structural model in which heterogeneous, forward-looking sellers optimally choose between the different mechanisms and their features. Counterfactual results suggest that sellers would experience an average 87.75% decrease in expected revenues if auctions were removed and an almost 13% decrease if posted prices were. In turn, consumers would benefit from an auction-only platform since the expected number of transactions would increase and expected transaction prices would decrease. The second chapter is co-authored with Dom Coey, Brad Larsen, and Kane Sweeney and it focuses on online auctions. In particular, the majority of these auctions are effectively second-price auctions, which implies that to implement the optimal mechanism the seller's problem boils down to choosing the optimal reserve price. Hence, we propose a set of estimators to discover what the optimal reserve price should be and which remain valid under general conditions. We establish the asymptotic properties of these estimators, propose a learning policy for sellers who run absolute auctions to gather data to estimate what reserve price they should use, and illustrate our tools using data from eBay on smartphones. Finally, we also discuss how the approach we propose can be extended to explicitly account for asymmetric bidders and implement the Myerson (1981) optimal auction. The final chapter is also co-authored with Dom Coey, Brad Larsen, and Kane Sweeney. It addresses the empirical analysis of ascending auctions, which is often complicated by severe data restrictions. In particular, we extend the methodology proposed by Aradillas-López et al. (2013) by first proving it remains valid under bidder asymmetries even when the identities of bidders are not observed and then by showing how this information, when available, can be used to improve upon existing tools. We demonstrate the advantages of this approach using USFS timber auctions.
Author: Robér Rollin Publisher: Springer Nature ISBN: 3658393645 Category : Business & Economics Languages : en Pages : 177
Book Description
Digital products are intangible goods, mainly presented visually and acoustically to consumers in the form of videos, images, texts, and music that can be bought, downloaded, or streamed via various web stores. Their consumption primarily fulfills hedonic needs. Before purchasing, a consumer's interaction with a digital product is always mediated by technology. Therefore, consumers cannot directly judge the quality through "touch and feel" experiences. This book diminishes the ability to evaluate digital products. Therefore his thesis seeks to answer which product attributes have an impact on consumers' product evaluation, and purchase intention.
Author: Luis M. B. Cabral Publisher: MIT Press ISBN: 0262035944 Category : Business & Economics Languages : en Pages : 441
Book Description
An issue-driven introduction to industrial organization, thoroughly updated and revised. The study of industrial organization (IO)—the analysis of the way firms compete with one another—has become a key component of economics and of such related disciplines as finance, strategy, and marketing. This book provides an issue-driven introduction to industrial organization. Although formal in its approach, it is written in a way that requires only basic mathematical training. It includes a vast array of examples, from both within and outside the United States. This second edition has been thoroughly updated and revised. In addition to updated examples, this edition presents a more systematic treatment of public policy implications. It features added advanced sections, with analytical treatment of ideas previously presented verbally; and exercises, which allow for a deeper and more formal understanding of each topic. The new edition also includes an introduction to such empirical methods as demand estimation and equilibrium identification. Supplemental material is available online.
Author: Azhar Mohamad Publisher: ISBN: Category : Languages : en Pages : 388
Book Description
This thesis sets out to analyse empirically the impact of: i) short selling on stock returns; ii) the UK Financial Services Authority's (FSA) short selling ban on stock prices, market quality as well as contagion, and iii) short selling on Exchange Traded Fund's (ETF) returns. A distinction is made between two types of shorts: valuation and dividend arbitrage shorts. Employing an event-study methodology, the empirical results indicate that, whilst large increases in short interest in valuation shorts are associated with significant negative abnormal returns, large increases in dividend arbitrage shorts are less informative. This may imply that these two different types of shorts are executed by two different sets of traders, who are scrutinizing two different sets of information. With respect to dividend arbitrage shorts, however, the informational content of short interest is dependent on the state of the economy. Regarding the impact of the FSA's short-selling ban on stock prices and market quality, the current study finds no evidence that the FSA's objective of protecting market quality was achieved through its prohibition of the short selling of financial stocks. Nevertheless, with regard to the FSA's concerns over cross-sectoral contagion, there is evidence that the short-selling ban may have been successful in preventing contagion, thereby protecting capital market stability. In relation to the informational content of ETF short interest, the present study finds that high increases in short interest are followed by positive abnormal returns, while low increases in short interest are followed by negative abnormal returns. The results indicate that ETF's short interest does not carry informational content similar to that contained in the short interest on individual stocks and different types of players are involved in the ETF market, namely, the hedgers and speculators.
Author: Caio Waisman
Author: Caio Waisman
Author: Ali Hortaçsu
Author: Tse-Chun Lin
Author: Philipp Adrian Fritzsche
Author: Robert Czudaj
Author: Priscilla Yung Medeiros
Author: Robér Rollin
Author: Ning Zhang
Author: Luis M. B. Cabral
Author: Azhar Mohamad