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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 ...
Parameter learning strongly amplifies the impact of macro shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumption risks ...
We extend Kyle's (1985) model of insider trading to the case where liquidity provided by noise traders follows a general stochastic process. Even though the level of noise trading volatility is observable, in equilibrium, measured price impact is stochasti ...
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 ...
We study the problem of matching bidders to items where each bidder i has general, strictly monotonic utility functions u(i,j)(p(j)) expressing his utility of being matched to item j at price p(j). For this setting we prove that a bidder optimal outcome al ...
This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour. Sectio ...
We study the pricing and hedging of contingent claims that are subject to Event Risk which we define as rare and unpredictable events whose occurrence may be correlated to, but cannot be hedged perfectly with standard marketed instruments. The super-replic ...
This paper discusses the interactive design exploration of static equilibria using constraint-based graphic statics. Constraint-based graphic statics is a computerized framework improving the construction, the control and the capabilities of classical grap ...
This paper presents a game-theoretic model for the international negotiations that should take place to renew or extend the Kyoto protocol beyond 2012. These negotiations should lead to a self-enforcing agreement on a burden sharing scheme to realize the n ...
This paper presents a game-theoretic model for the international negotiations that should take place to renew or extend the Kyoto protocol beyond 2012. These negotiations should lead to a self-enforcing agreement on a burden sharing scheme to realize the n ...