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This paper presents an equilibrium model in a pure exchange econ- omy when investors have three possible sources of heterogeneity. In- vestors may di§er in their beliefs, in their level of risk aversion and in their time preference rate. We study the impac ...
Two-sided matching markets play a prominent role in economic theory. A prime example of such a market is the sponsored search market where n advertisers compete for the assignment of one of k sponsored search results, also known as "slots", for certain key ...
We present experimental evidence that, unlike traditional assumptions in economic theory, security prices do not respond to pressure from their own excess demand. Instead, prices respond to excess demand of all securities, despite the absence of a direct l ...
Todays complex online applications often require the interaction of multiple services that potentially belong to different business entities. Interoperability is a core element of such an environment, yet not a straightforward one. In this paper, we argue ...
A climate treaty like the one which should replace the Kyoto Protocol after 2012, may have important impacts on the oil, gas and coal markets. The full impact of such a treaty will not be felt before 2030. In this paper one uses a computable general equili ...
Auctions are widely used on the Web. Applications range from internet advertising to platforms such as eBay. In most of these applications the auctions in use are single/multi-item auctions with unit demand. The main drawback of standard mechanisms for thi ...
This paper studies the impact of ambiguity and ambiguity aversion on equilibrium asset prices and portfolio holdings in competitive financial markets. It argues that attitudes toward ambiguity are heterogeneous across the population, just as attitudes towa ...
Telecom service providers have not control over functionality of Femto-BSs. However, they can motivate home service providers to cooperate with them (e.g. activate their Femto-BSs) by porpoising a reasonable price for service they provide. A home service p ...
A new approach for the estimation of bid-rent functions for location choice is proposed. The method considers that the expected maximum bid in the auction of a good is a latent variable than can be related to observed prices for similar goods. The model ge ...
One fundamental issue in existing reputation mechanisms, particularly those in open and decentralized multi-agent systems, is whitewashing attacks by rational providers. If identities are cheap, it is beneficial for a provider to simply defect when selling ...
