Should First-Price Auctions Be Transparent?

2018 ◽  
Vol 10 (3) ◽  
pp. 177-218 ◽  
Author(s):  
Dirk Bergemann ◽  
Johannes Hörner
Keyword(s):  
Market Transparency ◽  
Pooling Equilibrium ◽  
Pooling Equilibria ◽  
Minimal Disclosure

We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime, each bidder only learns privately whether he won or lost the auction. In equilibrium, the allocation is efficient, and the minimal disclosure regime does not give rise to pooling equilibria. In contrast, in disclosure settings where either all or only the winner’s bids are public, an inefficient pooling equilibrium with low revenues exists. (JEL D44, D82, D83)

scholarly journals Improvement of the real estate transparency through digitalisation

2020 ◽  
Vol 14 (1) ◽  
pp. 371-384
Author(s):  
Elena Ionaşcu ◽  
Ion Anghel
Keyword(s):  
Real Estate ◽  
Business Strategy ◽  
Business Models ◽  
Real Estate Market ◽  
The Real Estate ◽  
Market Transparency ◽  
Open Relationships ◽  
Information And Communication ◽  
Efficiency And Productivity

AbstractTaking into account that the transparency is a quality of communication of sustainability information, as well as the role of digitalisation in ensuring the transparency, we proposed to study the perception of real estate entities related to promoting transparency in the relationship with stakeholders and the integration of information and communication technology in their business models. Applying a qualitative approach, we critically analysed the sustainability reports published by real estate companies from the EU, which represent important non-financial information sources for stakeholders. Transparency is mainly reflected in corporate governance, as real estate entities are increasingly concerned with maintaining open relationships with stakeholders and knowing their expectations to integrate them into the business strategy. We have noticed a broader approach of transparency in REIT entities and in reports that include an assurance statement. New digital technologies serve the purpose of improving transparency, which, although still poorly explored in real estate, offer new solutions to increase the efficiency and productivity of real estate activities. Property technology can improve real estate market transparency and liquidity, bringing lower transaction costs, which should positively impact the value of investment assets.

scholarly journals Improving market outcomes: A qualitative assessment of the Greek dairy supply chain

2020 ◽  
Vol 71 (1) ◽  
pp. 1963
Author(s):  
G. KOUTOUZIDOU ◽  
A. RAGKOS ◽  
S. KOUTSOU ◽  
A. THEODORIDIS
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Questionnaire Survey ◽  
Qualitative Assessment ◽  
Access To Finance ◽  
Market Outcomes ◽  
Market Transparency ◽  
Depth Interviews ◽  
Management Contracts

This study provides a qualitatative assessment of the overall outcomes of the dairy supply chain in Greece. Based on the framework of the Taskforce for Agricultural Markets, a questionnaire survey with in-depth interviews was conducted to farmers, industries and supermarkets in Greece in order to gain knowledge about trading practices, market transparency, risk management, contracts, access to finance and the role of Producer Organizations. The analysis did not reveal significant unfair trading practices and showed positive prospects for the overall supply chain.

scholarly journals Information and output in agricultural markets: the role of market transparency

2013 ◽  
Vol 1 (1) ◽  
pp. 15 ◽  
Author(s):  
Christian Ahlers ◽  
Udo Broll ◽  
Bernhard Eckwert
Keyword(s):  
Agricultural Markets ◽  
Market Transparency

scholarly journals The Signaling Role of Subsidies

2015 ◽  
Vol 15 (1) ◽  
pp. 157-178 ◽  
Author(s):  
Félix Muñoz-Garcia ◽  
Ana Espinola-Arredondo
Keyword(s):  
Social Welfare ◽  
Complete Information ◽  
Entry Deterrence ◽  
Output Level ◽  
Potential Entrant ◽  
Incumbent Firm ◽  
Pooling Equilibrium ◽  
Separating Equilibrium

Abstract This paper investigates the effect of monopoly subsidies on entry deterrence. We consider a potential entrant who observes two signals: the subsidy set by the regulator and the output level produced by the incumbent firm. We show that not only a separating equilibrium can be supported, where information about the incumbent’s costs is conveyed to the entrant, but also a pooling equilibrium, where the actions of regulator and incumbent conceal the monopolist’s type, thus deterring entry. We demonstrate that the regulator strategically designs subsidies to facilitate, or hinder, entry deterrence, depending on which outcome yields the largest social welfare. Furthermore, we compare equilibrium welfare relative to two benchmarks: complete-information environments and standard entry-deterrence games where the regulator is absent.

Gay, Bisexual, and Queer Men’s Attitudes and Understandings of Intimate Partner Violence and Sexual Assault

2020 ◽  
pp. 088626051989843
Author(s):  
Michael Salter ◽  
Kerry Robinson ◽  
Jacqueline Ullman ◽  
Nida Denson ◽  
Georgia Ovenden ◽  
...  
Keyword(s):  
Intimate Partner Violence ◽  
Sexual Assault ◽  
Partner Violence ◽  
Intimate Partner ◽  
Considerable Proportion ◽  
The Past ◽  
Alcohol And Drugs ◽  
History Of ◽  
Minimal Disclosure

Gay, bisexual, and queer (GBQ) men experience significant rates of intimate partner violence (IPV) and sexual assault (SA); however, there is limited research into their attitudes and understandings of IPV and SA. This article presents the findings of a 2018 survey of 895 GBQ men currently residing in Australia, focused on their views and experiences of healthy and unhealthy relationships. The survey included quantitative and open-ended qualitative questions. The findings presented in this article are primarily descriptive, with cross-tabulations and t tests to demonstrate significant differences between groups and correlational statistics to outline associations between variables. Qualitative data were coded under broad themes. The study found a considerable proportion of men (three in five) identified that they had experienced an unhealthy or abusive relationship in the past, with minimal disclosure to police or health services. Men with a history of partner abuse or violence were more likely to report binge drinking or drug use and more likely to know a friend who had abused his partner. 40% of the sample had witnessed an incident of relationship violence between GBQ men, and two-thirds intervened in the violence in some way. The findings of this study underscore the need to engage GBQ men in discussions about respectful relationships, address the role of alcohol and drugs in GBQ socialization and relationships, and provide bystander skills for men to intervene in situations of aggression or violence between men in relationships.

Imperfect certification and eco-labelling of products

2019 ◽  
Vol 12 (3) ◽  
pp. 288-314
Author(s):  
Charu Grover ◽  
Sangeeta Bansal
Keyword(s):  
Product Quality ◽  
Third Party ◽  
Certification Process ◽  
Content Type ◽  
Market Inefficiencies ◽  
Pooling Equilibrium ◽  
Welfare Implications ◽  
Intermediate Value ◽  
Separating Equilibrium

Purpose This paper aims to investigate the role of certification in providing information and reducing market inefficiencies when the “certification process is imperfect”. In the setting, eco-labels imperfectly signal environmental product quality to consumers where the error in the process of certification could be either Type 1 or Type 2 error. The paper examines firms' incentive to get certified, equilibrium quantities and profits. The authors use perfect Bayesian equilibrium concept for the analysis. They then examine conditions for separating and pooling equilibrium to exist and welfare implications of certification process. Design/methodology/approach The paper uses a vertical product differentiated model where firms are competing in quantities. Consumers are unable to observe the environmental quality of the product. To signal the product quality to consumers, firms may adopt certification by a third party. Using a framework where certification process is imperfect, the paper derives conditions for Perfect Bayesian separating and pooling equilibrium to exist. Findings The paper shows that the existence of separating and pooling equilibrium depends on the certification fee. A separating equilibrium, where one firm seeks certification and other firm does not seek certification exists for an intermediate value of certification fee. A pooling equilibrium, where both firms seek certification, exists only when the certification fee is sufficiently small. The paper shows conditions for the certification fee for which welfare will be higher under separating equilibrium as compared to pooling equilibrium and analyses welfare implications for subsidy policy for the certification fee. Originality/value The paper contributes to the literature by examining the role of labelling under imperfect certification.

Role of dactinomycin in the improved survival of children with Wilms' tumor

JAMA ◽  
1966 ◽  
Vol 195 (12) ◽  
pp. 1005-1009 ◽  
Author(s):  
D. J. Fernbach
Keyword(s):  
Wilms Tumor

Role of the allergist in diagnosis and management of patients with uveitis

JAMA ◽  
1966 ◽  
Vol 195 (3) ◽  
pp. 167-172 ◽  
Author(s):  
T. E. Van Metre
Keyword(s):  
Diagnosis And Management
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