Collusive Equilibria in Directed Search Models

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ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Collusive Equilibria in Directed Search Models by : Gabor Virag

Download or read book Collusive Equilibria in Directed Search Models written by Gabor Virag and published by . This book was released on 2007 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a model of directed search where the sellers are allowed to post general mechanisms. Regardless of the number of buyers and sellers, the sellers are able extract all the surplus of the buyers by introducing entry fees and making their price schedule positively sloped in the number of buyers arriving to their shops. Therefore, shopping card membership fees - similar to our entry fee component - may act as a collusion device between sellers. If there is a lower bound on the prices or there is an upper bound on the entry fees that can be charged, then the equilibrium with full rent extraction may not exist any more. However, the seller optimal equilibrium still features positive entry fees and increasing price schedules. When the constraint is on the entry fees in the seller optimal equilibrium all sellers offer auctions. This implies that if the firms can coordinate on an equilibrium they would not choose a fixed price one (studied by Burdett, Shi and Wright (2001)) or one without entry fees (as in Coles and Eeckhout (2003)). When the market becomes infinitely large, and the sellers face constraints on the prices or entry fees they can choose, then any equilibrium yields the same profits and the sellers cannot sustain collusion in equilibrium.

Price-directed Search and Collusion

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Price-directed Search and Collusion by : Martin Obradovits

Download or read book Price-directed Search and Collusion written by Martin Obradovits and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In many (online) markets, consumers can readily observe prices, but need to examine individual products at positive cost in order to assess how well they match their needs. We propose a tractable model of price-directed sequential search in a market where firms compete in prices. Each product meets consumers' basic needs, however they are only fully satisfied with a certain probability. In our setup, four types of pricing equilibria emerge, some of which entail inefficiencies as not all consumers are (always) served. We then lend our model to analyze collusion. We find that for any number of firms, there exists a parameter region in which the payoff-dominant symmetric collusive equilibrium gives rise to a higher expected total social welfare than the repeated one-shot Nash equilibrium. In other regions, welfare is identical under collusion and merely consumer rents are transferred, or both welfare and consumer rents are reduced. An all-inclusive cartel maximizing industry profit increases welfare for an even larger set of parameters, but may also be detrimental to it.

Uniqueness of Equilibrium in Directed Search Models

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Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Uniqueness of Equilibrium in Directed Search Models by : Jaehong Kim

Download or read book Uniqueness of Equilibrium in Directed Search Models written by Jaehong Kim and published by . This book was released on 2015 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a decentralized trading model as in Peters (1984), where a finite number of heterogeneous capacity-constrained sellers compete for a finite number of homogeneous buyers, by posting prices. This "directed search" model is known to admit symmetric equilibria; yet, uniqueness has proved elusive. This study makes two contributions: a substantive contribution is to establish uniqueness of symmetric equilibrium; a methodological contribution is to develop a tool based on directional derivatives to characterize equilibrium.

Block Recursive Equilibria for Stochastic Models of Search on the Job

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ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis Block Recursive Equilibria for Stochastic Models of Search on the Job by : Guido Menzio

Download or read book Block Recursive Equilibria for Stochastic Models of Search on the Job written by Guido Menzio and published by . This book was released on 2009 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we develop a general stochastic model of directed search on the job. Like in the analogous models of random search on the job, the state of the economy in our model includes the infinite-dimensional distribution of workers across different employment states (unemployment, and employment at different wages). Unlike the analogous models of random search on the job, our model admits an equilibrium in which the agents' value and policy functions do not depend on the distribution of workers. We refer to this type of equilibrium as a Block Recursive Equilibrium. Therefore, while solving the equilibrium of a random search model in a stochastic environment is a difficult task both analytically and computationally, solving the Block Recursive Equilibrium of our model is as easy as solving a representative agent model.

Essays on Search and Matching Equilibria

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ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.:/5 (951 download)

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Book Synopsis Essays on Search and Matching Equilibria by : Garth Baughman

Download or read book Essays on Search and Matching Equilibria written by Garth Baughman and published by . This book was released on 2015 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation considers three separate applications of the theory of search and matching equilibria. The first chapter considers a partnership formation game, where agents on two sides of a market need to find a partner before a deadline, and search frictions make it difficult to find an acceptable partner. I characterize agents acceptance decisions -- those with whom they would be willing to match -- show existence, and provide a condition for uniqueness of equilibrium. This study provides a step towards a better understanding of matching behavior in non-stationary environments where agents have persistent type. The second chapter in this dissertation considers the import of adverse selection in a modern model of directed search in labor markets. Competition in this market drives firms to offer contracts that increase over time, limiting turnover. Adverse selection does not perturb contracts for less attractive types, but leads more attractive workers to accept initially low wages that grow faster than they would under full information. The final chapter of this dissertation explores the import of sequential search behavior in a model of equilibrium price setting by multi-product firms. On the one hand, the market produces results which affirm the common empirical focus on marginal distributions of individual goods' prices across firms. On the other, when some firms do not offer every good, search behavior leads to interesting pricing patterns which would not occur in single-product markets.

Handbook of Game Theory and Industrial Organization, Volume I

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Publisher : Edward Elgar Publishing
ISBN 13 : 178536328X
Total Pages : 567 pages
Book Rating : 4.7/5 (853 download)

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Book Synopsis Handbook of Game Theory and Industrial Organization, Volume I by : Luis C. Corchón

Download or read book Handbook of Game Theory and Industrial Organization, Volume I written by Luis C. Corchón and published by Edward Elgar Publishing. This book was released on 2018-02-23 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first volume of this wide-ranging Handbook contains original contributions by world-class specialists. It provides up-to-date surveys of the main game-theoretic tools commonly used to model industrial organization topics. The Handbook covers numerous subjects in detail including, among others, the tools of lattice programming, supermodular and aggregative games, monopolistic competition, horizontal and vertically differentiated good models, dynamic and Stackelberg games, entry games, evolutionary games with adaptive players, asymmetric information, moral hazard, learning and information sharing models.

Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries

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Publisher : IGI Global
ISBN 13 : 1799874206
Total Pages : 320 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries by : Nwogugu, Michael I. C.

Download or read book Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries written by Nwogugu, Michael I. C. and published by IGI Global. This book was released on 2021-05-07 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current and future issues in the global accounting/consulting, business opportunity, and credit rating agency (CRA) industries can have significant multiplier-effects on international trade, sustainable growth, and compliance (as physical phenomena). These three industries are among the most international and human-capital-intensive of all service industries. In these industries, analysis of business models and industry dynamics can provide insights about how human-computer interaction (HCI) and contract theory affect the evolution of financial market ecosystems and cross-border information flows, and how business models, work-allocation mechanisms, and liability allocation can evolve to manage change. An often-overlooked issue is that non-performing loans (NPLs), sustainability, and CRA efficiency can be significantly affected by business processes, corporate strategy, and HCI in industry ecosystems, multinational corporations (MNCs), and economic systems. Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries compares these three industries and introduces theories of public policy and “inter-business” processes. The book links industry structure, complex systems (including networks), behavioral game theory, structural changes, and antitrust problems to sustainability and the efficiency of pollution-remediation systems. The book introduces new “informal algorithms” and business/resource-allocation models that solve social-choice problems, and also contravene “impossibility theorems” that are at the core of modern computer science and mechanism design. This book is essential for professors and masters/PhD-level students and employees (in industry, financial services, research institutes, consulting firms, and government agencies) who are interested in industrial mathematics and theoretical computer science.

The Economics of Search

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Publisher : Routledge
ISBN 13 : 1134422350
Total Pages : 574 pages
Book Rating : 4.1/5 (344 download)

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Book Synopsis The Economics of Search by : Brian McCall

Download or read book The Economics of Search written by Brian McCall and published by Routledge. This book was released on 2007-12-20 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of search is a prominent component of economic theory, and it has a richness and elegance that underpins a host of practical applications. In this book Brian and John McCall present a comprehensive overview of the economic theory of search, from the classical model of job search formulated 40 years ago to the recent developments in equilibrium models of search. The book gives decision-theoretic foundations to seemingly slippery issues in labour market theory, estimation theory and economic dynamics in general, and surveys the entire field of the economics of search, including its history, theory, and econometric applications. Theoretical models of the economics of search are covered as well as estimation methods used in search theory and topics covered include job search, turnover, unemployment, liquidity, house selling, real options and auctions. The mathematical methods used in search theory such as dynamic programming are reviewed as well as structural estimation methods and econometric methods for duration models. The authors also explore the classic sequential search model and its extensions in addition to recent advances in equilibrium search theory.

Twenty Lectures on Algorithmic Game Theory

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Publisher : Cambridge University Press
ISBN 13 : 1316781178
Total Pages : 356 pages
Book Rating : 4.3/5 (167 download)

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Book Synopsis Twenty Lectures on Algorithmic Game Theory by : Tim Roughgarden

Download or read book Twenty Lectures on Algorithmic Game Theory written by Tim Roughgarden and published by Cambridge University Press. This book was released on 2016-08-30 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computer science and economics have engaged in a lively interaction over the past fifteen years, resulting in the new field of algorithmic game theory. Many problems that are central to modern computer science, ranging from resource allocation in large networks to online advertising, involve interactions between multiple self-interested parties. Economics and game theory offer a host of useful models and definitions to reason about such problems. The flow of ideas also travels in the other direction, and concepts from computer science are increasingly important in economics. This book grew out of the author's Stanford University course on algorithmic game theory, and aims to give students and other newcomers a quick and accessible introduction to many of the most important concepts in the field. The book also includes case studies on online advertising, wireless spectrum auctions, kidney exchange, and network management.

The Theory of Collusion and Competition Policy

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Publisher : MIT Press
ISBN 13 : 0262036932
Total Pages : 145 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis The Theory of Collusion and Competition Policy by : Joseph E. Harrington, Jr.

Download or read book The Theory of Collusion and Competition Policy written by Joseph E. Harrington, Jr. and published by MIT Press. This book was released on 2017-11-16 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: A review of the theoretical research on unlawful collusion, focusing on the impact and optimal design of competition law and enforcement. Collusion occurs when firms in a market coordinate their behavior for the purpose of producing a supracompetitive outcome. The literature on the theory of collusion is deep and broad but most of that work does not take account of the possible illegality of collusion. Recently, there has been a growing body of research that explicitly focuses on collusion that runs afoul of competition law and thereby makes firms potentially liable for penalties. This book, by an expert on the subject, reviews the theoretical research on unlawful collusion, with a focus on two issues: the impact of competition law and enforcement on whether, how long, and how much firms collude; and the optimal design of competition law and enforcement. The book begins by discussing general issues that arise when models of collusion take into account competition law and enforcement. It goes on to consider game-theoretic models that encompass the probability of detection and penalties incurred when convicted, and examines how these policy instruments affect the frequency of cartels, cartel duration, cartel participation, and collusive prices. The book then considers the design of competition law and enforcement, examining such topics as the formula for penalties and leniency programs. The book concludes with suggested future lines of inquiry into illegal collusion.

CONCUR 2013 -- Concurrency Theory

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Publisher : Springer
ISBN 13 : 3642401848
Total Pages : 576 pages
Book Rating : 4.6/5 (424 download)

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Book Synopsis CONCUR 2013 -- Concurrency Theory by : Pedro R. D'Argenio

Download or read book CONCUR 2013 -- Concurrency Theory written by Pedro R. D'Argenio and published by Springer. This book was released on 2013-07-23 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed proceedings of the 24th International Conference on Concurrency Theory, CONCUR 2013, held in Buenos Aires, Argentina, August 27-30, 2013. The 34 revised full papers presented together with 4 invited talks were carefully reviewed and selected from 115 submissions. The papers are organized in topics such as process semantics and modal transition systems, VAS and pushdown systems, Pi calculus and interaction nets, linearizability and verification of concurrent programs, verification of infinite models, model measure and reversibility, stochastic models, message-based interaction processes, principles of automatic verification, and games and control synthesis.

Experiments and Competition Policy

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Publisher : Cambridge University Press
ISBN 13 : 0521493420
Total Pages : 329 pages
Book Rating : 4.5/5 (214 download)

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Book Synopsis Experiments and Competition Policy by : Jeroen Hinloopen

Download or read book Experiments and Competition Policy written by Jeroen Hinloopen and published by Cambridge University Press. This book was released on 2009-03-12 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have begun to make much greater use of experimental methods in their research. This collection surveys these methods and shows how they can help us to understand firm behaviour in relation to various forms of competition policy.

Networks, Crowds, and Markets

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Publisher : Cambridge University Press
ISBN 13 : 1139490303
Total Pages : 745 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Networks, Crowds, and Markets by : David Easley

Download or read book Networks, Crowds, and Markets written by David Easley and published by Cambridge University Press. This book was released on 2010-07-19 with total page 745 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.

Business Cycles and Equilibrium

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Publisher : John Wiley & Sons
ISBN 13 : 0470499176
Total Pages : 224 pages
Book Rating : 4.4/5 (74 download)

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Book Synopsis Business Cycles and Equilibrium by : Fischer Black

Download or read book Business Cycles and Equilibrium written by Fischer Black and published by John Wiley & Sons. This book was released on 2009-11-02 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions. With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium-with its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling, author of Fischer Black and the Revolutionary Idea of Finance (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward. The essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economy Warns about the use and abuse of modeling Explains the risky business of risk in a straightforward and accessible style Contains chapters dedicated to "the effects of uncontrolled banking," "the trouble with econometric models," and "the effects of noise on investing" Includes commentary on Black's life and work at the time Business Cycles and Equilibrium was written as well as insight as to what Black would make of the current financial meltdown Engaging and informative, the Updated Edition of Business Cycles and Equilibrium will give you a better understanding of what is really going on during these uncertain and volatile financial times.

Humanomics

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Publisher : Cambridge University Press
ISBN 13 : 1107199379
Total Pages : 237 pages
Book Rating : 4.1/5 (71 download)

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Book Synopsis Humanomics by : Vernon L. Smith

Download or read book Humanomics written by Vernon L. Smith and published by Cambridge University Press. This book was released on 2019-01-24 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Articulates Adam Smith's model of human sociality, illustrated in experimental economic games that relate easily to business and everyday life. Shows how to re-humanize the study of economics in the twenty-first century by integrating Adam Smith's two great books into contemporary empirical analysis.

Selfish Routing and the Price of Anarchy

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Publisher : MIT Press
ISBN 13 : 0262549328
Total Pages : 207 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Selfish Routing and the Price of Anarchy by : Tim Roughgarden

Download or read book Selfish Routing and the Price of Anarchy written by Tim Roughgarden and published by MIT Press. This book was released on 2023-09-19 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the loss in performance caused by selfish, uncoordinated behavior in networks. Most of us prefer to commute by the shortest route available, without taking into account the traffic congestion that we cause for others. Many networks, including computer networks, suffer from some type of this "selfish routing." In Selfish Routing and the Price of Anarchy, Tim Roughgarden studies the loss of social welfare caused by selfish, uncoordinated behavior in networks. He quantifies the price of anarchy—the worst-possible loss of social welfare from selfish routing—and also discusses several methods for improving the price of anarchy with centralized control. Roughgarden begins with a relatively nontechnical introduction to selfish routing, describing two important examples that motivate the problems that follow. The first, Pigou's Example, demonstrates that selfish behavior need not generate a socially optimal outcome. The second, the counterintiuitve Braess's Paradox, shows that network improvements can degrade network performance. He then develops techniques for quantifying the price of anarchy (with Pigou's Example playing a central role). Next, he analyzes Braess's Paradox and the computational complexity of detecting it algorithmically, and he describes Stackelberg routing, which improves the price of anarchy using a modest degree of central control. Finally, he defines several open problems that may inspire further research. Roughgarden's work will be of interest not only to researchers and graduate students in theoretical computer science and optimization but also to other computer scientists, as well as to economists, electrical engineers, and mathematicians.

Dissertation Abstracts International

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Publisher :
ISBN 13 :
Total Pages : 732 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: