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When Can Auctions Maximize Post-Auction Welfare? 什么时候拍卖能使拍卖后的福利最大化?
Pub Date : 2020-08-08 DOI: 10.2139/ssrn.3519866
Bernhard Kasberger
I study auctions in which firms bid for licenses that reduce their marginal costs in a post-auction downstream market. When there are three or more firms, I show that the Vickrey--Clarke--Groves (VCG) auction maximizes consumer surplus in dominant strategies if and only if it maximizes producer surplus in dominant strategies. With two firms, the effect on consumer surplus is ambiguous. When the VCG auction does not maximize consumer surplus, I show that consumer surplus can be maximized by adding the right caps, i.e., restricting the number of licenses a bidder can win. This might lower producer surplus.
我研究了拍卖,在这种拍卖中,企业竞标许可证,以降低其在拍卖后下游市场的边际成本。当有三家或更多的公司时,我证明了维克瑞-克拉克-格罗夫斯(VCG)拍卖在优势策略下最大化消费者剩余当且仅当它在优势策略下最大化生产者剩余。对于两家公司,对消费者剩余的影响是模糊的。当VCG拍卖不能最大化消费者剩余时,我展示了消费者剩余可以通过添加适当的上限来最大化,即限制竞标者可以赢得的许可证数量。这可能会降低生产者剩余。
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引用次数: 4
The Success of the Cobb-Douglas Production Function Is An Illusion 柯布-道格拉斯生产函数的成功是一种错觉
Pub Date : 2020-08-04 DOI: 10.2139/ssrn.3666648
Yuming Sheng
The Cobb-Douglas production function (the C-D function) is believed to have successfully validated and consolidated the marginal productivity theory of income distribution (MPTID) and the aggregate production function (APF). However, this paper discovers that this success is an illusion. It demonstrates neither the partial derivatives of the C-D function are as believed to be the marginal productivities of production factors nor its homogeneity is as believed to be a technical result of the constant returns to scale (CRS). Without these believed theoretical contents, the C-D function is further shown to be just a mathematical transformation of the national income identity. It is in fact not a production function as it does not truly summarize any productive behavior or technological relationships. The illusion should have been one of the reasons why the mainstream macro models, of which the C-D function alike is one of the cornerstones, have been struggling with the identification problems and failed to foresee the GFC. Methodologically, the illusion is a result of grafting dynamic data upon the static concept of marginal productivity and confusing the concept of CRS with the fact that the sum of all factor’s income shares must equal 1.
柯布-道格拉斯生产函数(C-D函数)被认为成功地验证和巩固了收入分配的边际生产率理论(MPTID)和总生产函数(APF)。然而,本文发现这种成功只是一种幻觉。它表明,C-D函数的偏导数既不被认为是生产要素的边际生产率,也不被认为是其同质性是恒定规模回报(CRS)的技术结果。如果没有这些可信的理论内容,C-D函数进一步被证明只是国民收入同一性的一个数学变换。事实上,它不是一个生产函数,因为它并没有真正概括任何生产行为或技术关系。这种错觉应该是主流宏观模型(C-D函数是其基石之一)一直在努力解决识别问题而未能预见全球金融危机的原因之一。从方法上讲,这种错觉是将动态数据嫁接到静态边际生产率概念上,并将CRS概念与所有要素收入份额之和必须等于1的事实相混淆的结果。
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引用次数: 1
Selling Consumer Data for Profit: Optimal Market Segmentation Design and its Consequences 为盈利而出售消费者数据:最优市场细分设计及其后果
Pub Date : 2020-07-29 DOI: 10.2139/ssrn.3675883
K. Yang
A data broker sells market segmentations created by consumer data to a producer with private production cost who sells a product to a unit mass of consumers with heterogeneous values. In this setting, I completely characterize the revenue-maximizing mechanisms for the data broker. In particular, every optimal mechanism induces quasi-perfect price discrimination. That is, the data broker sells the producer a market segmentation described by a cost-dependent cutoff, such that all the consumers with values above the cutoff end up buying and paying their values while the rest of consumers do not buy. The characterization of optimal mechanisms leads to additional economically relevant implications. I show that the induced market outcomes remain unchanged even if the data broker becomes more active in the product market by gaining the ability to contract on prices; or by becoming an exclusive retailer, who purchases both the product and the exclusive right to sell the product from the producer, and then sells to the consumers directly. Moreover, vertical integration between the data broker and the producer increases total surplus while leaving the consumer surplus unchanged, since consumer surplus is zero under any optimal mechanism for the data broker.
数据代理将由消费者数据创建的市场细分销售给具有私人生产成本的生产者,后者将产品销售给具有不同价值的单位消费者。在这个设置中,我完全描述了数据代理的收益最大化机制。特别是,每一种最优机制都会诱发准完美价格歧视。也就是说,数据代理向生产者出售一个由成本依赖的截止点描述的市场细分,这样,所有价值高于截止点的消费者最终都会购买并支付他们的价值,而其余消费者则不购买。对最佳机制的描述还会产生其他与经济有关的影响。我表明,即使数据经纪人通过获得价格合同的能力而在产品市场上变得更加活跃,诱导的市场结果也不会改变;或者成为独家零售商,从生产商那里购买产品和独家销售权,然后直接销售给消费者。此外,数据代理和生产者之间的垂直整合增加了总剩余,同时保持消费者剩余不变,因为在数据代理的任何最优机制下,消费者剩余为零。
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引用次数: 5
Blind Portfolios’ Auctions in Two-Rounds 两轮盲目投资组合拍卖
Pub Date : 2020-07-28 DOI: 10.2139/ssrn.3662384
Lamprini Zarpala, Dimitris Voliotis
This paper proposes a two-stage sealed-bid model for the execution of blind portfolios. An asset manager auctions a package of securities to a set of brokers who are unaware of the specific details about individual securities. We prove that our mechanism reduces the costs of execution for the asset manager and eliminates the winner's curse for participating brokers.
本文提出了一个盲投资组合执行的两阶段密封投标模型。资产管理公司将一揽子证券拍卖给一组不了解单个证券具体细节的经纪人。我们证明了我们的机制降低了资产管理公司的执行成本,并消除了参与经纪商的赢家诅咒。
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引用次数: 2
Are Developing Countries Accumulating Sufficient Total Factor Productivity to Sustain Their Economic Growth and Job Creation? Empirical Evidence from the Middle East and North Africa Region 发展中国家是否积累了足够的全要素生产率来维持其经济增长和创造就业?来自中东和北非地区的经验证据
Pub Date : 2020-07-21 DOI: 10.1111/rode.12693
M. A. Abou Hamia
This study contributes new evidence on why the Middle East and North Africa (MENA) region has failed to create decent jobs for decades. The growth accounting exercise reveals that the region suffered from an acute total factor productivity (TFP) deficit in the 1990s; it improved remarkably in the 2000s, before deteriorating significantly in the period between 2010 and 2017. Throughout the three subperiods, the region’s growth relied heavily on capital accumulation. The severe deficit in TFP and the heavy reliance on physical capital for decades impaired the region’s ability to sustain economic growth and to create decent jobs in the long run. The study recommends more government interventions in knowledge accumulation as a critical precondition for employment generation in developing countries.
这项研究为中东和北非(MENA)地区几十年来未能创造体面就业提供了新的证据。增长核算表明,该地区在20世纪90年代遭受了严重的全要素生产率(TFP)赤字;它在2000年代显著改善,然后在2010年至2017年期间显著恶化。在这三个子时期,该地区的增长严重依赖资本积累。几十年来,全要素生产率的严重赤字和对实物资本的严重依赖削弱了该地区维持经济增长和长期创造体面就业的能力。该研究建议政府更多地干预知识积累,将其作为发展中国家创造就业的关键先决条件。
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引用次数: 8
On the Benefits of Being Alone: Scheduling Changes, Intensity of Competition and Dynamic Airline Pricing 论独处的好处:航班安排变化、竞争强度和航空公司动态定价
Pub Date : 2020-07-18 DOI: 10.2139/ssrn.3655067
Yannis Kerkemezos, Bas Karreman
We empirically test the hypothesis that the discounts offered by firms to consumers who purchase tickets in advance increase with the intensity of competition. We develop a new measure of competition for which we use the proximity (in departure time) of a given flight to its competitors to infer the intensity of competition and estimate the impact of competition on advance purchase discounts (APDs) and the dynamic pricing of airlines by exploiting plausibly exogenous changes in the flight schedules of airlines that occur during the booking period. We find strong support for the theoretical prediction that APDs are larger when the intensity of competition is higher using a sample of airline fare quotes. Our results also suggest that airline price dispersion increases with the intensity of competition.
我们实证检验了企业对提前购票的消费者提供的折扣随着竞争激烈程度的增加而增加的假设。我们开发了一种新的竞争衡量标准,我们利用给定航班与竞争对手的距离(出发时间)来推断竞争强度,并通过利用预订期间航空公司航班时刻表的合理外生变化来估计竞争对提前购买折扣(apd)和航空公司动态定价的影响。利用航空公司票价报价样本,我们发现竞争强度越高,apd越大的理论预测得到了强有力的支持。我们的研究结果还表明,航空公司的价格分散度随着竞争的激烈程度而增加。
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引用次数: 1
The Simple Economics of Hybrid Marketplaces 混合市场的简单经济学
Pub Date : 2020-07-14 DOI: 10.2139/ssrn.3650903
Neil Dryden, Sergey Khodjamirian, Jorge Padilla
This paper explains that that the decision of a marketplace to operate its own reseller in competition with third-party sellers within the platform is likely to spur competition to the ultimate benefit of consumers. A marketplace will profit by supplying directly as a reseller when that duality is needed to (a) achieve selection parity with other distribution channels and/or (b) prod third-party sellers to compete more aggressively. The success of a hybrid marketplace (i.e. an online business that is both a marketplace and a reseller operating in that marketplace) may require it to support its retail operations in order to increase the appeal of its store vis-à-vis other stores. The effect of such strategy on the incentives to innovate of other sellers in the marketplace is in principle ambiguous but the available evidence suggests it may be positive.
本文解释了市场在与平台内的第三方卖家竞争中经营自己的经销商的决定可能会刺激竞争,最终使消费者受益。当市场需要以经销商的身份直接供货时(A)实现与其他分销渠道同等的选择和/或(b)促使第三方卖家更积极地竞争时,市场将从中获利。混合市场(即在线业务既是市场又是在该市场中运营的经销商)的成功可能需要它支持其零售业务,以增加其商店相对-à-vis其他商店的吸引力。这种策略对市场上其他卖家的创新激励的影响原则上是模糊的,但现有证据表明,它可能是积极的。
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引用次数: 5
Regret Minimization and Separation in Multi-Bidder Multi-Item Auctions 多竞标者多物品拍卖中的遗憾最小化与分离
Pub Date : 2020-06-26 DOI: 10.2139/ssrn.3636395
Çagil Koçyigit, D. Kuhn, Napat Rujeerapaiboon
We study a robust auction design problem with a minimax regret objective, where a seller seeks a mechanism for selling multiple items to multiple bidders with additive values. The seller knows that the bidders' values range over a box uncertainty set but has no information on their probability distribution. We propose a mechanism that sells each item separately via a second price auction with a random reserve price and characterize an upper bound on its optimality gap. We show that this upper bound vanishes and that the proposed auction becomes optimal if the bidders are symmetric. We then interpret the auction design problem as a zero-sum game between the seller, who chooses a mechanism, and a fictitious adversary or 'nature,' who chooses the bidders' values from within the uncertainty set with the aim to maximize the seller's regret. We characterize the Nash equilibrium of this game analytically when the bidders are symmetric. The Nash strategy of the seller coincides with the optimal separable second price auction, whereas the Nash strategy of nature is mixed and constitutes a probability distribution on the uncertainty set under which each bidder's values for the items are comonotonic. We also study a restricted auction design problem over deterministic mechanisms. In this setting, we characterize the suboptimality of a separable second price auction with deterministic reserve prices and show that this auction becomes optimal if the bidders are symmetric.
我们研究了一个具有最小最大遗憾目标的稳健拍卖设计问题,其中卖方寻求一种机制,将多个物品出售给具有附加价值的多个投标人。卖方知道竞标者的价值在一个盒子的不确定性集合上,但不知道它们的概率分布。我们提出了一种机制,通过随机保留价格的二次拍卖单独出售每个物品,并表征其最优性差距的上界。我们证明,如果竞标者是对称的,这个上界消失了,提议的拍卖成为最优的。然后,我们将拍卖设计问题解释为卖家和虚拟对手或“自然”之间的零和游戏,卖家选择了一种机制,而虚拟对手或“自然”则从不确定性集合中选择竞标者的价值,目的是最大化卖家的遗憾。当竞标者是对称的时,我们解析地描述了该博弈的纳什均衡。卖方的纳什策略与最优可分二次价格拍卖是一致的,而自然纳什策略是混合的,在不确定性集上构成一个概率分布,在不确定性集下,每个竞标者对物品的价值是共序的。我们还研究了确定性机制下的限制性拍卖设计问题。在这种情况下,我们描述了具有确定性保留价格的可分离第二价格拍卖的次优性,并表明如果竞标者是对称的,则该拍卖是最优的。
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引用次数: 4
Estimation of Exchangeable Distribution with Order Statistics: Application to First-Price Auctions 用订单统计估计可交换分布:在首价拍卖中的应用
Pub Date : 2020-06-11 DOI: 10.2139/ssrn.3440360
Hayato Nakanishi
This study examines the estimation of the exchangeable joint distribution when the highest (lowest) and another order statistics are observable. The estimator would be appropriate for the estimation of the valuation distribution of auctions and "order-biased" sampling, such as school student achievement investigations, when the sampling probability is not completely captured by the observed covariates. We present our method in conjunction with an application for a first-price sealed-bid auction with affiliation. The results potentially extend the existing non-parametric identification result for first-price sealed-bid auctions with symmetric affiliation.
本文研究了当最高(最低)阶统计量和另一阶统计量均可见时,交换联合分布的估计。当观察到的协变量没有完全捕获采样概率时,估计器将适用于估计拍卖的估值分布和“顺序偏倚”抽样,例如学校学生成绩调查。我们提出了我们的方法,结合申请一个第一价格密封投标拍卖与从属关系。该结果潜在地扩展了具有对称关联的首价密封竞价拍卖的现有非参数识别结果。
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引用次数: 1
Changing Returns-to-Scale and Deepening of Factor-Endowments-Induced Specialization: Exploring Broader Linkage Between Agricultural Mechanization and Agricultural Transformation in Nepal 规模收益的变化与要素禀赋诱导专业化的深化:探索尼泊尔农业机械化与农业转型之间更广泛的联系
Pub Date : 2020-06-11 DOI: 10.2499/p15738coll2.133757
Hiroyuki Takeshima, Anjani Kumar
Heterogeneity in factor endowments and the degree of specializations induced by comparative advantages are among the crucial factors that affect the overall productivity of the economy. Few studies, however, investigate what strengthens such endowment-related specialization patterns in the agricultural sector in low-income countries, although such evolutions have profound effects on the role of factor endowments in households’ behaviors. This is in contrast to well-established international trade theory, such as the Heckscher–Ohlin theorem which describes how heterogeneity in endowment across countries gives rise to comparative advantages for specialization and trade. We partly fill this critical knowledge gap by providing a set of evidence from Nepal, which is a country that has historically been dominated by smallholder farmers and yet has recently been experiencing rapid structural transformation within the agricultural sector. Specifically, we show the following: the agricultural sector in Nepal has experienced a significant increase in returns-to-scale (RTS) in production in recent years during the process of growing adoptions of agricultural mechanization through the custom-hiring market. Such increase in RTS has primarily strengthened the linkages between factor endowment heterogeneity (across farm households) and their specialization behaviors in labor, land, and the agricultural capital market. Both cross-section and panel-data of households in Nepal extracted from Nepal Living Standards Surveys are used to generate this evidence. We find that rising RTS associated primarily with tractor use growth has been inducing greater exploitations of comparative advantages; agricultural households have been increasingly specializing in exchanges of production factors, services, and outputs, in ways consistent with predictions based on their relative factor endowments. Specifically, the rise in RTS has induced households with more labor, land, and capital endowments to rent out their labor, land, and credit, respectively, within the agricultural sector, while increasingly renting-in the other factors with which they are less endowed. The results suggest that understanding factor endowments heterogeneity among agricultural households is becoming increasingly important for effective agricultural policy designs in countries like Nepal, where employment shares in the agricultural sector remain high despite the growth in mechanization.
要素禀赋的异质性和由比较优势引起的专业化程度是影响经济整体生产率的关键因素。然而,很少有研究调查是什么加强了低收入国家农业部门与禀赋相关的专业化模式,尽管这种演变对要素禀赋在家庭行为中所起的作用有着深远的影响。这与公认的国际贸易理论形成对比,如heckscher - Ohlin定理,该定理描述了各国禀赋的异质性如何产生专业化和贸易的比较优势。我们提供了一组来自尼泊尔的证据,在一定程度上填补了这一关键的知识空白。尼泊尔历史上一直以小农为主,但最近农业部门正在经历快速的结构转型。具体来说,我们展示了以下内容:近年来,在通过定制雇佣市场越来越多地采用农业机械化的过程中,尼泊尔农业部门的生产规模回报(RTS)显著增加。这种RTS的增加主要是加强了要素禀赋异质性(农户之间)与其在劳动力、土地和农业资本市场上的专业化行为之间的联系。从尼泊尔生活水平调查中提取的尼泊尔家庭的横截面和面板数据用于生成这一证据。我们发现,主要与拖拉机使用量增长相关的RTS上升,已经引发了对比较优势的更大利用;农户越来越专门从事生产要素、服务和产出的交换,其方式与基于其相对要素禀赋的预测相一致。具体来说,RTS的上升促使拥有更多劳动力、土地和资本禀赋的家庭分别在农业部门出租其劳动力、土地和信贷,同时在其他禀赋较少的因素中增加租金。研究结果表明,在尼泊尔等国,了解农户要素禀赋的异质性对有效的农业政策设计变得越来越重要。尽管机械化水平不断提高,但在这些国家,农业部门的就业份额仍然很高。
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引用次数: 0
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Microeconomics: Production
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