Extracting the Surplus in the Common-Value Auction

Econometrica ◽  
1989 ◽  
Vol 57 (6) ◽  
pp. 1451 ◽  
Author(s):  
R. Preston McAfee ◽  
John McMillan ◽  
Philip J. Reny
Keyword(s):  
Common Value ◽  
The Common ◽  
Common Value Auction

Alternative Policy Responses to Increased Use of Formula Pricing

2017 ◽  
Vol 16 (1) ◽  
Author(s):  
B. Wade Brorsen ◽  
James R. Fain ◽  
Joshua G. Maples
Keyword(s):  
Empirical Research ◽  
Empirical Studies ◽  
Alternative Theory ◽  
Agent Based Model ◽  
Negative Effects ◽  
Agent Based ◽  
Common Value ◽  
Producer Prices ◽  
The Common ◽  
Common Value Auction

AbstractThis article determines the potential effects of policies to address concerns about lower producer prices due to increased use of marketing agreements. Policies considered are banning alternative marketing agreements, compensating producers who sell on the cash market, and restricting the quantity of marketing agreements. We use an agent-based model in a common-value auction framework to analyze these policies. The common-value auction framework is used because it closely resembles how livestock are actually purchased. The agent-based model is used to find the common-value auction equilibrium. A ban on marketing agreements reduces social welfare and the other policy interventions have little effect on prices. Past theoretical studies predict marketing agreements will cause large reductions in prices paid to producers. Conversely, empirical studies show slight effects. This article offers an alternative theory that more closely matches livestock markets and our results reduce the gap between theoretical and empirical research. The common-value auction model predicts negative effects on producer prices close to those found in past empirical research.

Anomalies: The Winner's Curse

1988 ◽  
Vol 2 (1) ◽  
pp. 191-202 ◽  
Author(s):  
Richard H Thaler
Keyword(s):  
Field Studies ◽  
Risk Averse ◽  
Common Phenomenon ◽  
Winner's Curse ◽  
Winner’S Curse ◽  
Empirical Question ◽  
Common Value ◽  
Winning Bidder ◽  
Common Value Auction ◽  
Very High

Next time that you find yourself a little short of cash for lunch, try the following experiment in your class. Take a jar and fill it with coins, noting the total value of the coins. Now auction off the jar to your class (offering to pay the winning bidder in bills to control for penny aversion). Chances are very high that the following results will be obtained: (1) the average bid will be significantly less than the value of the coins (bidders are risk averse); (2) the winning bid will exceed the value of the jar. Therefore, you will have money for lunch, and your students will have learned first-hand about the “winner's curse.” The winner's curse cannot occur if all the bidders are rational, so evidence of a winner's curse in market settings would constitute an anomaly. However, acting rationally in a common value auction can be difficult. Solving for the optimal bid is not trivial. Thus, it is an empirical question whether bidders in various contexts get it right or are cursed. I will present some evidence, both from experimental and field studies, suggesting that the winner's curse may be a common phenomenon.

scholarly journals Spacecraft potential effects on electron moments derived from a perfect plasma detector

2004 ◽  
Vol 22 (6) ◽  
pp. 2073-2080 ◽  
Author(s):  
V. Génot ◽  
S. J. Schwartz
Keyword(s):  
Solar Wind ◽  
Lower Energy ◽  
Particle Temperature ◽  
Common Value ◽  
Spacecraft Potential ◽  
Energy Cutoff ◽  
Complete Computation ◽  
The Common ◽  
Measured Density

Abstract. A complete computation of the effect of the spacecraft potential on electron moments is presented. We adopt the perfect detector concept to estimate how measured density, velocity and temperature are affected by the constraints imposed by the detector, such as the finite lower energy cutoff and the spacecraft potential. We investigate the role of the potential in different plasma regimes usually crossed by satellites. It appears that the solar wind is the region where the moments are most compromised, as the particle temperature is low. To a lesser extent the moments calculated in the magnetosheath may also deviate from the real moments, displaying up to 40% overestimation for the density under typical detector operation. The analysis allows us to identify a range of spacecraft potential values which minimizes the variation in the estimation; it is found that it corresponds to the common value adopted by potential controlling experiments.

Implications of a Reserve Price in an Agent-Based Common-Value Auction

2013 ◽  
Vol 43 (1) ◽  
pp. 33-51 ◽  
Author(s):  
Christopher N. Boyer ◽  
B. Wade Brorsen
Keyword(s):  
Reserve Price ◽  
Agent Based ◽  
Common Value ◽  
Common Value Auction

Relationship between Blood Haemoglobin and Glucose Concentrations in Adult Great Tits (Parus Major) and Blue Tits (Cyanistes Caeruleus)

2016 ◽  
Vol 9 (3) ◽  
pp. 152-158 ◽  
Author(s):  
Adam Kaliñski ◽  
Mirostawa Bańbura ◽  
Michat Glądalski ◽  
Marcin Markowski ◽  
Joanna Skwarska ◽  
...  
Keyword(s):  
Blood Glucose ◽  
Body Condition ◽  
Parus Major ◽  
Blood Chemistry ◽  
Cyanistes Caeruleus ◽  
Bird Populations ◽  
Common Value ◽  
Blood Haemoglobin ◽  
The Common ◽  
Blue Tits

Haematological and blood chemistry variables are widely used in ecophysiological research as physiological indices of body condition in various vertebrate taxa. In this study, we analysed relationships between blood glucose and blood haemoglobin concentrations of adult birds in wild populations of Blue Tits ( Cyanistes caeruleus) and Great Tits ( Parus major) during the breeding season in central Poland. We found that blood glucose and blood haemoglobin concentrations are negatively correlated. We also show that individual Blue Tits have higher mean haemoglobin levels adjusted for the common value of glucose concentration than individual Great Tits and that females of both species have higher mean haemoglobin concentrations than males. Our results suggest that haematological as well as biochemical variables may be used in tune as complementary indices of body condition in wild bird populations.

The Krull and global dimension of the tensor product of quantum tori

2016 ◽  
Vol 15 (09) ◽  
pp. 1650174
Author(s):  
Ashish Gupta
Keyword(s):  
Tensor Product ◽  
Upper Bound ◽  
Tensor Products ◽  
Global Dimension ◽  
Base Field ◽  
Quantum Torus ◽  
Common Value ◽  
Quantum Tori ◽  
Special Cases ◽  
The Common

An [Formula: see text]-dimensional quantum torus is defined as the [Formula: see text]-algebra generated by variables [Formula: see text] together with their inverses satisfying the relations [Formula: see text], where [Formula: see text]. The Krull and global dimensions of this algebra are known to coincide and the common value is equal to the supremum of the rank of certain subgroups of [Formula: see text] that can be associated with this algebra. In this paper we study how these dimensions behave with respect to taking tensor products of quantum tori over the base field. We derive a best possible upper bound for the dimension of such a tensor product and from this special cases in which the dimension is additive with respect to tensoring.

scholarly journals VI. On the general theory integration

1905 ◽  
Vol 204 (372-386) ◽  
pp. 221-252 ◽  
Keyword(s):  
Arbitrary Point ◽  
Continuous Functions ◽  
Common Value ◽  
Theory Integration ◽  
Positive Quantity ◽  
The Common ◽  
Definition Of ◽  
Special Case ◽  
Ordinary Integral ◽  
Definite Limit

Riemann was the first to consider the theory of integration of non-continuous functions. As is well known, his definition of the integral of a function between the limits a and b is as follows:— Divide the segment ( a, b ) into any finite number of intervals, each less, say, than a positive quantity, or norm d ; take the product of each such interval by the value of the function at any point of that interval, and form the sum of all these products; if this sum has a limit, when d is indefinitely diminished which is independent of the mode of division into intervals, and of the choice of the points in those intervals at which the values of the function are considered, this limit is called the integral of the function from a to b . The most convenient mode, however, of defining a Riemann (that is an ordinary) integral of a function, is due to Darboux; it is based on the introduction of upper and lower integrals (intégrale par excès, par défaut: oberes, unteres Integral). The definitions of these are as follows:— It may be shown that, if the interval ( a, b ) be divided as before, and the sum of the products taken as before, but with this difference, that instead of the value of the function at an arbitrary point of the part, the upper (lower) limit of the values of the function in the part be taken and multiplied by the length of the corresponding part, these summations have, whatever he the type of function, each of them a definite limit, independent of the mode of division and the mode in which d approaches the value zero. This limit is called the upper (lower) integral of the function. In the special case in which these two limits agree, the common value is called the integral the function .

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