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Articles 1 - 25 of 25
Full-Text Articles in Behavioral Economics
Investing In A Better Job, Michael Sack Elmaleh
Investing In A Better Job, Michael Sack Elmaleh
Michael Sack Elmaleh
Investing time and money to attain "something" that allows a person to earn more in future wages is economically rational, if the present value of the additional future wages exceeds the present value of the investment cost in time and money to attain that "something". In our market economy, these attained "somethings" include college degrees, vocational and professional certifications, and equity ownership in small closely held businesses. Most small closely held businesses require the full time active management of the owner. Little or no free cash flow would be available to the investor if they chose to hire a non …
Report On Key Design Elements Of Auctions Under Australia's Carbon Pollution Reduction Scheme, Peter Cramton
Report On Key Design Elements Of Auctions Under Australia's Carbon Pollution Reduction Scheme, Peter Cramton
Peter Cramton
No abstract provided.
Auctions For Injecting Bank Capital (Addendum To 'A Troubled Asset Reverse Auction'), Peter Cramton, Lawrence M. Ausubel
Auctions For Injecting Bank Capital (Addendum To 'A Troubled Asset Reverse Auction'), Peter Cramton, Lawrence M. Ausubel
Peter Cramton
Public discussion has turned, in the past few days, toward using some of the $700 billion in rescue funds for the injection of government money into banks in return for ownership stakes. The purpose of this short note, an addendum to “A Troubled Asset Reverse Auction,” is to describe an auction mechanism suitable for injections of capital into banks. The auctions would price the equity purchases through a competitive process.
Auctioning Long-Term Gas Contracts In Colombia, Peter Cramton
Auctioning Long-Term Gas Contracts In Colombia, Peter Cramton
Peter Cramton
This paper presents an approach to auctioning long-term gas contracts in Colombia. I propose an annual auction for long-term firm gas contracts. The auction would assign and price all firm gas contracts, with the exception of gas from the Guajira field, which is assigned administratively at a regulated price. The proposal is a partial market design in that it does not address the transportation of gas from producer to consumer.
The goal of the approach is to improve the transparency and efficiency of the gas market with a coordinated auction for long-term gas contracts. Currently, gas contracts are sold in …
A Review Of The L-Band Auction, Peter Cramton
A Review Of The L-Band Auction, Peter Cramton
Peter Cramton
In May 2008, Ofcom’s L-band auction concluded. This was Ofcom’s second combinatorial clock auction. The auction used an innovative format intended to encourage an efficient assignment of the 17 lots. Eight bidders competed for the lots. In sharp contrast to the first combinatorial clock auction, the 10-40 GHz auction, in which each of the ten bidders won spectrum, in the L-band auction there was a single winner—Qualcomm won all the lots. This note briefly reviews the auction.
A Troubled Asset Reverse Auction, Peter Cramton, Lawrence M. Ausubel
A Troubled Asset Reverse Auction, Peter Cramton, Lawrence M. Ausubel
Peter Cramton
The US Treasury has proposed purchasing $700 billion of troubled assets to restore liquidity and solve the current financial crisis, using market mechanisms such as reverse auctions where appropriate. This paper presents a high-level design for a troubled asset reverse auction and discusses the auction design issues. We assume that the key objectives of the auction are to: 1) provide a quick and effective means to purchase troubled assets and increase liquidity; 2) protect the taxpayer by yielding a price for assets related to their value; and 3) offer a transparent rules-based process that minimizes discretion and favoritism. We propose …
The Quadratic Core-Selecting Payment Rule For Combinatorial Auctions, Peter Cramton, Robert Day
The Quadratic Core-Selecting Payment Rule For Combinatorial Auctions, Peter Cramton, Robert Day
Peter Cramton
We report on the use of a quadratic programming technique in recent and upcoming spectrum auctions in Europe, and proposed for use in the FAA’s landing-slot auctions in the United States. Specifically, we compute a unique point “in the core” that minimizes the sum of squared deviations from the Vickrey-Clarke-Groves payments. Analyzing the Karush-Kuhn-Tucker conditions, we demonstrate that the resulting payments can be decomposed into a series of economically meaningful and equitable penalties, adding to the perceived “fairness” of this payment rule. Further, we discuss the many benefits of this combinatorial auction paradigm.
A Review Of The 10-40 Ghz Auction, Peter Cramton
A Review Of The 10-40 Ghz Auction, Peter Cramton
Peter Cramton
In February 2008, Ofcom’s 10-40 GHz auction concluded. This was Ofcom’s first combinatorial clock auction. The auction used an innovative format intended to encourage an efficient assignment of the 27 lots. Each of the ten bidders won one or more lots. All 27 lots were assigned. This note briefly reviews the auction.
Esop Fables: The Impact Of Employee Stock Ownership Plans On Labor Disputes, Peter Cramton, Hamid Mehran, Joseph Tracy
Esop Fables: The Impact Of Employee Stock Ownership Plans On Labor Disputes, Peter Cramton, Hamid Mehran, Joseph Tracy
Peter Cramton
By the early 1990s employee stock ownership plans (ESOPs) had become as prevalent in unionized firms as in nonunionized firms. However, little research has been devoted to examining the implications of ESOPs for collective bargaining, or cross ownership more generally. In this paper, we extend the signaling model of Cramton and Tracy (1992) to allow partial ownership by the union. We demonstrate that ESOPs create incentives for unions to become weaker bargainers. As a result, the model predicts that ESOPs will lead to a reduction in strike incidence and in the fraction of labor disputes that involve a strike. We …
Distinguishing Owner Compensation From Profit In Closely Held Companies: In Search Of A Responsibility Premium, Michael Sack Elmaleh
Distinguishing Owner Compensation From Profit In Closely Held Companies: In Search Of A Responsibility Premium, Michael Sack Elmaleh
Michael Sack Elmaleh
The application of the income method of valuation requires that owner compensation be distinguished from free cash flow. The “proper” parsing of compensation and free cash flow can be the largest point of contention in contested valuation disputes. The preferred method of parsing is the substitution method which says that the proper allocation should be based on the wage that would have to be paid to a non owner employee. In this article I argue that owner employees carry additional responsibilities that are not normally borne by non owner employees. These additional responsibilities require that a premium be paid the …
Pre-Test Assessment, Thomas D. Berry
Pre-Test Assessment, Thomas D. Berry
Thomas D Berry
De Evoluerende Marktpositie Van Beschutte Werkplaatsen In Vlaanderen: Uitdagingen En Knelpunten, Wim Van Opstal, Jozef Pacolet
De Evoluerende Marktpositie Van Beschutte Werkplaatsen In Vlaanderen: Uitdagingen En Knelpunten, Wim Van Opstal, Jozef Pacolet
Wim Van Opstal
Beschutte werkplaatsen hebben als grootste speler in de sociale inschakelingseconomie goed weten door te dringen in onze economie. Dit brengt echter ook de confrontatie met alle uitdagingen van een competitieve economische omgeving met zich mee. Het HIVA voerde een onderzoek uit naar de uitdagingen waarmee de beschutte werkplaatsen in Vlaanderen geconfronteerd worden vanuit hun evoluerende marktpositie. Daarnaast belicht deze studie de knelpunten vanuit de interne organisatie van beschutte werkplaatsen om het hoofd te kunnen bieden aan deze uitdagingen. De vitaliteit van de beschutte werkplaatsen aan de ene kant en de kwetsbaarheid ervan aan de andere kant, is het genuanceerde beeld …
Coöperaties In De Social Profit? Een Verkenning., Wim Van Opstal
Coöperaties In De Social Profit? Een Verkenning., Wim Van Opstal
Wim Van Opstal
Het is ondertussen meer dan 150 jaar geleden dat de eerste coöperaties werden opgericht om de levensstandaard van arbeiders en boeren te verbeteren. De jongste jaren begint men de coöperatie echter opnieuw te ontdekken als instrument om economische activiteiten te combineren met sociale doelstellingen. In deze bijdrage belichten we de rol die coöperaties spelen binnen het activiteitenspectrum van de social profit in een internationaal kader en staan we stil bij de vraag of dit ook voor Vlaanderen een interessant alternatief kan bieden.
De Paradojas Y Neocons, Mario Šilar
Political Liberalism And Public Reason, Mario Šilar
Political Liberalism And Public Reason, Mario Šilar
Mario Šilar
The paper explores John Rawls´s idea of public reason, as reflected in Political Liberalism and The Idea of Public Reason Revisited. In Rawls’s later works, public reason acquires fundamental significance as a criterion by which the principles to be assumed from the outset in a theory of political justice may be determined. The starting-point for Rawls´s theory -the idea of citizens as free and equal reveals- that this abstraction falls short of an authentic conception of human beings as social by nature. A brief study of key issues concerning marriage and the family shows the difficulties that underlie this question. …
The Practical Value Of Natural Law Theory In The Work Of St Thomas Aquinas, Mario Šilar
The Practical Value Of Natural Law Theory In The Work Of St Thomas Aquinas, Mario Šilar
Mario Šilar
No abstract provided.
Market Design: Auctions And Matching, Peter Cramton
Market Design: Auctions And Matching, Peter Cramton
Peter Cramton
No abstract provided.
Innovation And Market Design, Peter Cramton
Innovation And Market Design, Peter Cramton
Peter Cramton
Market design plays an essential role in promoting innovation. I examine emission allowance auctions, airport slot auctions, spectrum auctions, and electricity markets, and demonstrate how the market design can encourage innovation. Improved pricing information is one source of innovation. Enhancing competition is another driver of innovation seen in all of the applications. Market design fosters innovation in other ways as well by addressing other potential market failures.
Forward Reliability Markets: Less Risk, Less Market Power, More Efficiency, Peter Cramton, Steven Stoft
Forward Reliability Markets: Less Risk, Less Market Power, More Efficiency, Peter Cramton, Steven Stoft
Peter Cramton
A forward reliability market is presented. The market coordinates new entry through the forward procurement of reliability options—physical capacity bundled with a financial option to supply energy above a strike price. The market assures adequate generating resources and prices capacity from the bids of competitive new entry in an annual auction. Efficient performance incentives are maintained from a load-following obligation to supply energy above the strike price. The capacity payment fully hedges load from high spot prices, and reduces supplier risk as well. Market power is reduced in the spot market, since suppliers enter the spot market with a nearly …
The Effect Of Incumbent Bidding In Set-Aside Auctions: An Analysis Of Prices In The Closed And Open Segments Of Fcc Auction 35, Peter Cramton, Allan T. Ingraham, Hal J. Singer
The Effect Of Incumbent Bidding In Set-Aside Auctions: An Analysis Of Prices In The Closed And Open Segments Of Fcc Auction 35, Peter Cramton, Allan T. Ingraham, Hal J. Singer
Peter Cramton
This paper examines the impact of an incumbent carrier’s participation in two simultaneously conducted auctions: one set-aside for non-incumbents and one open to all carriers. This paper estimates the extent to which prices in the closed auction were inflated by the participation of incumbents. This paper also estimates what prices would have been in the open auction had incumbents been excluded from bidding in the closed. It is found that an incumbent’s participation in the closed auction through a front, Alaska Native, enabled it to win more licenses at lower prices in FCC Auction 35. In contrast, non-incumbents won fewer …
Does Volatility In Government Borrowing Leads To Higher Inflation? Evidence From Pakistan, Safdar Khan
Does Volatility In Government Borrowing Leads To Higher Inflation? Evidence From Pakistan, Safdar Khan
Safdar Khan
No abstract provided.
An Analysis Of Pakistan’S Vulnerability To Crisis, Safdar Khan
An Analysis Of Pakistan’S Vulnerability To Crisis, Safdar Khan
Safdar Khan
No abstract provided.
A Note On Sustained Economic Growth For Pakistan, Safdar Khan
A Note On Sustained Economic Growth For Pakistan, Safdar Khan
Safdar Khan
No abstract provided.
Estimating Output Gap For Pakistan Economy: Structural And Statistical Approaches, Safdar Khan
Estimating Output Gap For Pakistan Economy: Structural And Statistical Approaches, Safdar Khan
Safdar Khan
No abstract provided.
Analytical Thomism: Traditions In Dialogue, Mario Šilar
Analytical Thomism: Traditions In Dialogue, Mario Šilar
Mario Šilar
No abstract provided.