منابع مشابه
Short-term or long-term contracts? - A rent-seeking perspective
In this paper, rms engage in rent seeking in order to be assigned a governmental contract. We analyze how a change in the contract length a¤ects the rms rent-seeking behavior. A longer contract leads to more rent seeking at a contract assignment stage, as the rms value the contract higher. On the other hand, the contract has to be assigned less often, which of course leads to less rent seek...
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A common problem facing energy producers is marketing excess capacity in the short-term market. A producer holds an auction asking interested buyers to submit bids reflecting their capacity and price requirements. As a buyer’s demand is not known in advance, the supplier constructs several demand forecasts and associates a set of possible probability measures with these forecasts. The supplier ...
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We consider a market where firms hire workers to run their projects and such projects differ in profitability. At any period, each firm needs two workers to successfully run its project: a junior agent, with no specific skills, and a senior worker, whose effort is not verifiable. Senior workers differ in ability and their competence is revealed after they have worked as juniors in the market. W...
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This paper generalizes earlier work by G. Larcher and the author about hedging with short-term futures contracts, a problem which was considered in connection with the debacle of the German company Metallgesellschaft. While the original problem corresponded to the simplest possible model for the price process, i.e. Brownian motion, we give here solutions to more general models, i.e. a mean reve...
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ژورنال
عنوان ژورنال: Nature
سال: 1979
ISSN: 0028-0836,1476-4687
DOI: 10.1038/277260a0