scholarly journals Market power and welfare in asymmetric divisible good auctions

2021 ◽  
Vol 16 (3) ◽  
pp. 1095-1137
Author(s):  
Carolina Manzano ◽  
Xavier Vives
Keyword(s):  
Market Integration ◽  
Comparative Statics ◽  
Price Impact ◽  
Linear Quadratic ◽  
Uniform Price Auction ◽  
Strategic Complementarity ◽  
Good Uniform ◽  
Price Auction ◽  
Divisible Good Auctions

We analyze a divisible good uniform‐price auction that features two groups, each with a finite number of identical bidders, who compete in demand schedules. In the linear‐quadratic‐normal framework, this paper presents conditions under which the unique equilibrium in linear demands exists and derives novel comparative statics results that highlight the interaction between payoff and information parameters with asymmetric groups. We find that the strategic complementarity in the slopes of traders' demands is reinforced by inference effects from prices, and we display the role of payoff and information asymmetries in explaining deadweight losses. Furthermore, price impact and the deadweight loss need not move together, and market integration may reduce welfare. The results are consistent with the available empirical evidence.

Divisible Good Auctions with Asymmetric Information: An Experimental Examination

2013 ◽  
Vol 48 (4) ◽  
pp. 1271-1300 ◽  
Author(s):  
Emmanuel Morales-Camargo ◽  
Orly Sade ◽  
Charles Schnitzlein ◽  
Jaime F. Zender
Keyword(s):  
Uniform Price Auction ◽  
Bidding Behavior ◽  
Uniform Price ◽  
Common Value ◽  
Symmetric Information ◽  
Price Auction ◽  
Divisible Good Auctions ◽  
Average Revenue ◽  
Auction Formats ◽  
Discriminatory Auctions

AbstractAn experimental approach is used to compare bidding behavior and auction performance in uniform-price and discriminatory auctions when there is incomplete information concerning the common value of the auctioned good. In a symmetric information environment, the different auction formats provide the same average revenue. However, when information is asymmetric the discriminatory auction results in higher average revenue than the uniform-price auction. The volatility of revenue is higher in the uniform-price auctions in all treatments. The results, therefore, provide support for the use of the discriminatory format. Subject characteristics and measures of experience in recent auctions are found to be useful in explaining bidding behavior.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

The role of social enterprises in facilitating labour market integration for people with disabilities: A convenient deflection from policy mainstreaming?

2021 ◽  
pp. 1-21
Author(s):  
CHERYL HIU-KWAN CHUI ◽  
CHEE HON CHAN ◽  
YANTO CHANDRA
Keyword(s):  
Labour Market ◽  
Market Integration ◽  
People With Disabilities ◽  
Social Enterprises ◽  
Labour Market Integration ◽  
Job Opportunities ◽  
Primary Means ◽  
Work Integration ◽  
Disability Employment

Abstract Policymakers have increasingly embraced social enterprises as a vehicle to create job opportunities for the disadvantaged. However, there is limited research on social enterprises in the context of disability in relation to labour market integration. Drawing on the perspectives of representatives of work integration social enterprises and people with disabilities employed in these enterprises (n=21), this study examines whether and how work integration social enterprises promote inclusion for people with disabilities, and also explores the role of WISEs in enabling people with disabilities to transition into open employment. Thematic analysis revealed three key emergent themes: Cocooned inclusion but not transition; Reinforced normative demarcation; and WISEs as a deflection from institutionalizing proactive disability policy measures. This article argues that, although WISEs were able to provide job opportunities for people with disabilities, their purported function in enabling disabled people to transition into open employment remains constrained by factors beyond their control including prevailing norms and the absence of proactive disability employment measures. This article cautions against the over-romanticisation of WISEs as the primary means to ensure the rights of people with disabilities to participate in the labour market. Implications on disability employment policies in relation to social enterprises are discussed.

scholarly journals INTEGRATION PROCESSES AND GLOBAL REGIONS

2018 ◽  
pp. 291-304 ◽  
Author(s):  
Olena Bulatova ◽  
Yurii Chentukov ◽  
Illia Chentukov
Keyword(s):  
Regional Integration ◽  
Market Integration ◽  
World Economy ◽  
Space Structure ◽  
Regional Competitiveness ◽  
Global Space ◽  
Development Level ◽  
The World ◽  
Development Processes

This article deals with changes of a spatial structure of the world economy, which has complex and heterogeneous hierarchy. It specifies that multipurposeness and complex structuring are becoming global signs of regionalization proc­esses and highlights the enhanced role of regional competitiveness within the context of global transformation. The emphasis is laid upon the objectiveness of the global regionalization process, which characterizes processes of the world economy development whilst global regions are becoming its main system ele­ments. This paper stresses that global regionalization development is reflected through a new global space structure. It suggests a methodic toolbox of compre­hensive assessment of regional integration development processes with due consideration of various aspects (trade, industrial and market integration), which provides for a comparative analysis of global regions' development or of certain integration associations according to the development level of integration proc­esses on the basis of suggested integrated index.

18. The Single Market

2016 ◽  
Author(s):  
Michelle Egan
Keyword(s):  
International Relations ◽  
Comparative Politics ◽  
Market Integration ◽  
Historical Perspective ◽  
Market Access ◽  
Single Market ◽  
The European Union ◽  
Regulatory Strategies ◽  
Shed Light

This chapter focuses on the evolution of the single market project, from its original conception in the 1950s, beginning with the Rome Treaty and ending with the Single Market Act I and II. It first considers market integration in historical perspective before discussing the role of the Court of Justice of the European Union (CJEU) in promoting market access, the balance between different economic ideals, and the regulatory strategies used to foster market integration. It then analyses the importance of the single market in promoting competitiveness and growth, along with the politics of neoliberalism and the ‘1992 Programme’. It also explores the politics of regulated capitalism and whether the single market contributes to globalization. It concludes by explaining how both traditional international relations theories of integration and newer approaches in comparative politics and international relations can be used to shed light on the governance of the single market.

scholarly journals Alternative Auction Institutions for Electric Power Markets

1998 ◽  
Vol 27 (2) ◽  
pp. 125-131 ◽  
Author(s):  
John C. Bernard ◽  
Timothy Mount ◽  
William Schulze
Keyword(s):  
United States ◽  
Electric Power ◽  
The United States ◽  
Power Markets ◽  
Wholesale Market ◽  
Short Term ◽  
Uniform Price Auction ◽  
Uniform Price ◽  
Electric Power Markets ◽  
Price Auction

Restructuring of electric power markets is proceeding across the United States and in many other nations around the world. The performance of these markets will influence everything from the prices faced by consumers to the reliability of the systems. The challenges of these changes present many important areas for research. For much of the northeastern United States, restructuring proposals include, at least for the short term, the formation of a single-sided auction mechanism for the wholesale market. This research uses experimental methods to analyze how these markets may function. In the experiments, the two basic uniform price auction rules are tested under three different market sizes. Early experimental results suggest the commonly proposed last-accepted-offer auction works well, but market power could be a real concern.

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