作者：Garrett, Daniel F.
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study the profit-maximizing price path of a monopolist selling a durable good to buyers who arrive over time and whose values for the good evolve stochastically. The setting is completely stationary with an infinite horizon. Contrary to the case with constant values, optimal prices fluctuate with time. We argue that consumers' randomly changing values offer an explanation for temporary price reductions that are often observed in practice.
作者：Sogo, Takeharu; Bernhardt, Dan; Liu, Tingjun
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Warwick; University of Hong Kong; Renmin University of China
摘要：We endogenize entry to a security-bid auction, where participation is costly and bidders must decide given their private valuations whether to participate. We first consider any minimum reserve security-bid of a fixed expected value that weakly exceeds the asset's value when retained by the seller. DeMarzo, Kremer, and Skrzypacz (2005) establish that with a fixed number of bidders, auctions with steeper securities yield the seller more revenues. Counterintuitively, we find that auctions with s...
