EQUILIBRIA EXISTENCE AND CHARACTERIZATION IN AUCTIONS: ACHIEVEMENTS AND OPEN QUESTIONS

Abstract Establishing existence and characterizing equilibria are both important achievements in the study of auctions. However, we recognize that equilibria existence results form the basis for well accepted characterizations. In this survey, we review the landmark results and highlight open questions regarding equilibria existence and characterizations in auctions. In addition, we review the standard assumptions underlying these results, and discuss the suitability of the Nash equilibrium solution concept. We focus our review on single‐object auctions, but also review results in multi‐unit, divisible, combinatorial and double auctions.     

THE ‘REFERENCE POINT’ APPROACH TO THE THEORY OF THE FIRM: AN INTRODUCTION

There is a small but growing literature on the ‘reference point’ approach to incomplete contracts as formulated by Hart and Moore. The reference point approach has begun to be applied to the theory of the firm in 3 recent papers. This introduction reviews the main theoretical aspects of each of these papers. It then discusses the relationship between the reference point approach to the firm, the transaction cost approach and the property rights approach. Here it is argued that the reference point approach is a step back towards ex post inefficiencies, away from reliance on ex ante inefficiencies.     

珠洲时代橡塑股份有限公司

株洲时代橡塑股份有限公司长期从事高分子材料复合、改性、减振降噪弹性元件的研制开发工作,致力于减振降噪弹性元件在交通运输、机械装备领域的工程化推广应用,公司主要生产系列高分子--金属复合弹簧、系列高分子--金属复合万向柔性关节、高分子磨擦元件及改性材料三大类近300余种产品,实现了我国机械减振降噪领域里材料与产品结构技术相结合的重大突破,对我国近年来铁路交通全面提速、重载、轻量化、舒适性技术的进步起到了积极作用.……     

张家港农村商业银行简介

张家港农村商业银行是全国首批由农村信用社改制组建的地方性股份制商业银行,于2001年11月28日挂牌营业。下辖1家营业部、33家支行(含通州、宿豫两家异地支行)、51家分理处,机构网点总数85家,员工850名。     

新理事简介

包头市杨圪塄汽车运输有限责任公司；淄博杰众纸业有限公司。     

新理事简介

成伟管理顾问公司；川开电气有限公司。[编者按]     

新理事简介

山东天保工贸有限公司;长影世纪城 中国电影娱乐园;[编者按]     

MANAGERIAL THINKING: AN AFRICAN PERSPECTIVE

Cross-cultural studies of managerial attitudes, beliefs and values have produced evidence to support both the view that industrialization is a force for convergence, and for the notion that national cultural realities continue to support divergence. Data from an investigation of Malawian managers are considered in relation to those from comparable previous studies in other countries, and more specifically in terms of the African context. Some tentative hypotheses are advanced, to account for distinctive aspects of managerial thinking in Malawi.     

MODEL AVERAGING IN ECONOMICS: AN OVERVIEW

Standard practice in empirical research is based on two steps: first, researchers select a model from the space of all possible models; second, they proceed as if the selected model had generated the data. Therefore, uncertainty in the model selection step is typically ignored. Alternatively, model averaging accounts for this model uncertainty. In this paper, I review the literature on model averaging with special emphasis on its applications to economics. Finally, as an empirical illustration, I consider model averaging to examine the deterrent effect of capital punishment across states in the USA.