• No results found

An optimal auction with moral hazard

N/A
N/A
Protected

Academic year: 2020

Share "An optimal auction with moral hazard"

Copied!
72
0
0

Loading.... (view fulltext now)

Full text

Loading

Figure

Figure 1: An example of a conjugate disclosure rule. The seller reveals the leader’s type if it is lessthan 0.3
Figure 2: The follower’s optimal effort schedule (the solid hump-shaped curve) is a compromisebetween his first-best effort schedule (the dashed hump-shaped curve) and the bang-bang ef-fort schedule (the two dashed horizontal line segments), which corresponds to the benchmarkin which the seller controls the follower’s effort.
Figure 3: Convex prospect sets. Certain “critical” points have been marked on each prospect setand are referenced in the subsequent analysis
Figure 4: A discretized prospect set Gn is the union of solid dots. Without loss of generality, theseller can restrict attention to disclosure rules such as the one illustrated here
+7

References

Related documents

The Seismic Provisions for Structural Steel Buildings, ANSI/AISC 341-05 [AISC, 2005c], which apply when the seismic response modification coefficient, R, (as specified in the

Specifically, the risk is considered as the area of the distribution of the arrival time fell after the latest time of the time window, and the mean of the arrival time is

Preferred medication that all drugs tricare formulary for certain common vaccines may also a provider will cover the tricare plans, called the previous approval before your

Any control scheme in which only the motion of the manipulator end point may be controlled and the computer can control the actuators at the various degrees of freedom to achieve

All the figures and tables should be labeled (Times New Roman 11) and included in list of figures and list of tables respectively.

approach to nature, language and poetry which is so distinctive. In Living in the World As If It Were Home, he uses the Christian tradition of the via negativa to elucidate a way

Despite a large volume of studies available in the literature, none of them provide an extensive analysis of uptake of the Web technologies (Web 1.0, 2.0 and 3.0) in the tourism

The Rater will discuss with the Ratee the proposed objective, target completion date, the evaluation or measurement criteria by which successful results can be identified, costs,