Evaluation of a Truthful Revelation Auction in the Context of Energy Markets with Nonconcave Benefits

We describe a Vickrey-Clarke-Groves auction for supply and demand bidding in the face of market power and nonconcave benefits in which bidders are motivated to bid truthfully, and evaluate its use for power and gas pipeline capacity auctions. The auction efficiently allocate resources if firms maximize profit. Simulations, including an application to the PJM power market, illustrate the procedure. However, the auction has several undesirable properties. It risks being revenue deficient, can be gamed by cooperating suppliers and consumers, and is subject to the information revelation and bid-taker cheating concerns that make single item Vickrey auctions rare.     

Evolution of the study and practice of personality at work

This article reviews the dynamic evolution of personality research and practice in work organizations from the early 1900s through the present. The article reveals steady‐state equilibrium in the world of practice. In contrast, the world of research is shown to be punctuated by rapid changes in conceptual foci, levels of analysis, and methodological approaches, as well as whether or not personality at work is even considered important. Explanations are offered for these trends, including the ways theory and research in the larger world of the study of personality have been reflected in personality research in and on work organizations. The article concludes with some thoughts about revisiting various branches in this evolution and suggestions for the future of personality research and practice in work organizations. © 2007 Wiley Periodicals, Inc.