Liquidity constraints and partial risk-sharing are often indistinguishable. However, I illustrate using artificial data from two different model economies how band spectrum regression can be used to distinguish between lack of consumption insurance and liquidity constraints. JEL Classifications: D1, E21.

This paper considers incomplete information games with payoffs subject to correlated random disturbances. It explains the connection between the uniqueness of quantal response equilibria, where large noise is required, and the uniqueness of equilibria in global games, where small noise is required. JEL classifications: C72, D82.

This paper analyzes a two–stage sealed–bid auction that is frequently employed in privatization, takeover, and merger and acquisition contests. This auction format yields the same expected revenue as the open ascending (English) auction, yet is less susceptible to preemptive bidding and collusion. JEL classifications: D44 (Auctions)

Concern for individual consumption relative to per capita consumption can induce a fear of falling behind which increases precautionary savings. This fear intensifies as societal income growth increases, allowing for a positive effect of growth on savings rates. JEL classifications: E21, D11, D91.

This paper shows that the quality scores in keyword auctions can be strategically chosen to extract all the advertisers’ surplus. The reason for the full extraction result is that the quality scores may effectively set all the bidders’ valuations equal to the highest valuation, which induces intense bidding competition. JEL classifications: D44; M37

Alastair McFarlane U.S. Department of Housing and Urban Development Office of Policy Development and Research Washington, D.C. 20410 Tel. 202 708 0426 Fax 202 708 1159 Email: [email protected] Original: May 1999 First revision: August 2001 JEL Classifications: R11 (Analysis of growth, development, and changes;) R33 (Housing supply and markets); and R38 (government policies; regulatory ...

The Internet presents today’s researchers with unprecedented opportunities to conduct field experiments. Using examples from Economics and Computer Science, we present an analysis of the design choices, with particular attention to the underlying technologies, in conducting online field experiments and report on lessons learned. JEL Classifications: C93, H41

We propose an allocation rule that takes into account the importance of players and their links. Since a network describes the interaction structure between agents, our allocation rule covers both bilateral and multilateral interactions. We provide a characterization of this rule in terms of well known axioms and compare it to other allocation rules in the literature. JEL classifications: A14; ...

Vega-Redondo (1997) showed that imitation leads to the Walrasian outcome in Cournot Oligopoly. We generalize his result to aggregative quasi-submodular games. Examples are the Cournot Oligopoly, Bertrand games with differentiated complementary products, CommonPool Resource games, Rent-Seeking games and generalized Nash-Demand games. JEL-Classifications: C72, D21, D43, L13.

cinema industry is one of the main elements of cultural development. development of cinema industry requires the identifying the various social, economic and cultural dimensions. this paper studies the economic characteristics of cinema in iran. in this regard, it is necessary to identify the determinants of demand for movies and their demand elasticities. the computed elasticities have useful ...