The theoretical literature has found that advantageous selection could be observed in equilibrium when there is multi-dimensional heterogeneity of customers or both hidden action and hidden information are employed. This paper proposes a third approach for advantageous selection. Based on the classic Rothschild and Stiglitz (1976) model, we consider ambiguity-averse individuals who face a gener...

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A reconsideration of the Pigovian theory of regulating externalities via taxation is undertaken for environments with private information. The presence of private information may have no effect on the social optimum; but when it has an impact, it is to cause a group of different agents to share the same production or consumption levels. The model developed provides an appealing characterization...

This is a preliminary and incomplete version of a manuscript to be prepared for the CIME-EMS Summer School on Stochastic Methods in Finance, July, 2003. Please do not quote or distribute.

We study the outcomes of experimental multi-unit uniform and discriminatory auctions with demand uncertainty. Our study is motivated by the ongoing debate about market design in the electricity industry. Our main aim is to compare the effect of asymmetric demand-information between sellers on the performance of the two auction institutions. In our baseline conditions all sellers have the same i...

The logistic, Gompertz, Richards and asymmetric logistic growth curve models were fitted to body weight data of local Ghanaian chickens and French SASSO T44 chickens. All four growth models provided good fit for each sex by genotype growth data with R2 values ranging from 86.7% to 96.7%. The rate constant parameter, k, ranged between 0.137 and 0.271 and were significantly different from zero fo...