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Asymmetric Auctions with Resale

By Isa Hafalir and Vijay Krishna

òòò½Íø Review, March 2008

We study first- and second-price auctions with resale in a model with independent private values. With asymmetric bidders, the resulting ineffi ciencies create a motive for post-auction trade which, in our model, takes place via monopoly pricing—...

The Best of Times, the Worst of Times: Understanding Pro-cyclical Mortality

By Ann H. Stevens, Douglas L. Miller, Marianne E. Page, and Mateusz Filipski

òòò½Íø Journal: Economic Policy, November 2015

It is well-known that mortality rates are pro-cyclical. In this paper, we attempt to understand why. We find little evidence that cyclical changes in individuals' own employment-related behavior drives the relationship; own-group employment rates are not ...

Network Externality: An Uncommon Tragedy

[Symposium: Network Externalities]

By S. J. Liebowitz and Stephen E. Margolis

Journal of Economic Perspectives, Spring 1994

Economists have defined 'network externality' and have examined putative inframarginal market failures associated with it. This paper distinguishes between network effects and network externalities, where the latter are market failures. The authors argue ...

Poland under "Solidarity" Rule

By Stanislaw Wellisz

Journal of Economic Perspectives, Fall 1991

The coalition cabinet in which Solidarity played a leading role, but which also included Communists and their allies, won Parliamentary approval on September 12, 1989. This coalition inherited from the Communists an economy in deep crisis: inflation was r...