Advances in economics and econometrics, vol. 1 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.) PDF

By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

ISBN-10: 0521818729

ISBN-13: 9780521818728

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Extra resources for Advances in economics and econometrics, vol. 1

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This final price will equal the second-highest actual valuation, so the expected total resources dissipated in the war of attrition are the expectation of this quantity. Now imagine the war of attrition has been under way long enough that just the two highest-valuation players remain. What are the expected resources that will be dissipated by the remaining two players, starting from this time on? The RET tells us that they equal the auctioneer’s expected revenue if the war of attrition was halted at this point and the objects sold to the remaining players by an ascending auction, that is, the expected second-highest valuation of these two remaining players.

Without fully modeling the selling side of the market, we assume it generates a single asking price at each instant of time according to some given function of buyer behavior to date. Each potential buyer observes all prices and all past offers to trade, and can accept the current asking price at any instant, in which case, supply permitting, the buyer trades at that price. Thus traders have to decide both whether and when to offer to buy, all the while conditioning their strategies on the information that has been revealed in the market to date.

2) – can be modeled as all-pay auctions and may provide similar applications. 4. Solving for Equilibrium Behavior: Market Crashes and Trading “Frenzies” The examples thus far have all proceeded by computing the expected total payments made by all players. But, the RET also states that each individual’s expected payment must be equal across mechanisms satisfying the assumptions. 21 Consider the following model. The aim is to represent, for example, a financial or housing market and show that trading “frenzies” and price “crashes” 18 19 20 21 Holt and Sherman (1982) compute equilibrium behavior and hence obtain these results without using the RET.

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Advances in economics and econometrics, vol. 1 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)


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