The uniform-price auction is used in many regional electricity procurement auctions and its “collusive-seeming equilibria” have been linked to potential exercise of market power. Such equilibria do not exist, however, if a small amount of cash is split among rationed bidders. To shed light on what drives this result, I also examine variations in which the auctioneer is able to increase and/or d...

This paper empirically examines whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Implementing a dynamic framework on a panel of US, UK and German companies, we find that firms make larger additions to cash holdings when they plan additional future R&D rather than fixed capital inv...

The environment is the source of many discussions in America’s board rooms. Most of the conversations probably center around cost containment, dealing with new regulations or reacting to unexpected problems. Some conversations may even revolve around how to “cash in” on the public’s concern for the environment. All of these discussions are normal, but also are increasingly becoming outdated. Co...

The mechanism design approach to monetary theory is the search for fruitful settings or environments in which something that resembles monetary trade actually accomplishes something— or, in Hahn’s [7] terminology, in which money is essential. Fruitfulness means that the settings provide new insights about puzzling observations and policy questions. The search for settings in which money is esse...

This paper considers the impact of family planning on dowry transfers. We construct a model of the marriage market in which prospective mates anticipate the outcome of intrahousehold bargaining over fertility. We show that as the price of contraception falls, brides must compensate men with higher dowries in order to attract them into marriage. We test the model using data from a successful 197...

This research aims to show that the ethnic theology of wedding dowry builds relationship between two prominent families as foundation society. The main issue from previous is economic instability for a household in marriage life. original value Bone village, NTT, exhibit reflection teaching forefathers bond up relative. acknowledgment acceptance stranger into big family expression building rela...