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Price Determination in Public Procurement: A Game Theory Approach
Award procedure Bid price Game theory Public procurement
2016/1/27
The article examines mechanism of bid price determination in public procurement by individual tenderers. A game theory approach is used to analyse this process. Firstly, a simple model with two firms ...
A Discussion of the Main Tenets of Austrian Business Cycle Theory
Austrian business cycle theory Stability of consumers time preference Technical progress
2016/1/27
The aim of this paper is to critically assess Austrian Business Cycle (ABC) theory. Its foundation was laid in Theory of Money and Credit (1912) by Ludwig von Mises, which F. A. Hayek elaborated in mo...
Theory and Practice of Business Process Management
ARIS (Architecture of Integrated Information Systems) ARIS Business Architect ARIS Toolset Business Process Management,
2016/1/26
Traditional model of management is based on hierarchical decomposition of organizational structure. Company is divided on workroom, union, partitions and every formation of his has independent agenda ...
Why do we observe overbidding in first
price private value auctions? This paper aims
to answer this question, which has been extensively
studied in the literature, from a nonstandard
point of view...
The Iceberg Theory of Campaign Contributions:Political Threats and Interest Group Behavior
Political Threats Interest Group
2015/9/21
We present a model where special interest groups condition contributions
on the receiving candidate’s support and also her opponent’s.
This allows interest groups to obtain support from contribution...
Asymmetric awareness of the contracting parties regarding the uncertainty
surrounding them is proposed as a reason for incompleteness in contractual
forms. An insurance problem is studied between a ...
Towards a Political-Economic Theory of Domestic Debt
Political-Economic Theory Domestic Debt
2015/9/18
There is a large literature on why countries choose to issue debt rather than financing expenditures by current taxation. If Ricardian Equivalence holds and taxes are non-distortionary,then it doesn’t...
One of the more important questions in the area of quantitative economic
policy concerns the suitability of optimal control theory for economic
stabilization problems. Despite extensive theoretical ...
Recent Developments in the Theory of Stabilization Policy
Recent Developments Stabilization Policy
2015/8/5
During the past decade the theoretical framework underlying
macroeconomic stabilization analysis has undergone a number of significant
developments. Theories designed to explain the crucial linkage
...
Economic Theory, Model Size, and Model Purpose.
The non-stochastic model which is the focus of discussion in Part I of the book consists of
three assets (money, government bonds, and equities) and three sectors (households, firms, and
government)...
Do We Get More Out of Theory Than We Put In?
A Theory of Income Taxation under Multidimensional Skill Heterogeneity
Income Taxation Multidimensional Skill Heterogeneity
2015/7/31
We develop a unifying framework for optimal income taxation in multi-activity economies with general production technologies. Agents are characterized by an N-dimensional skill vector that captures in...
The Relationship of Economic Theory to Experiments:Treatment driven Experiments
Relationship of Economic Theory Treatment driven Experiments
2015/7/23
When I interact with colleagues and friends who are venturing into experimental economics, either as they prepare for their own experiment, or aim for a critical view of experiments run by others, I o...
Housing Assignment with Restrictions: Theory and Evidence from Stanford University’s Campus
Restrictions Theory and Evidence
2015/7/23
In our leading example, buyers affiliated
with Stanford University have exclusive access
to houses on campus.1
We begin by presenting
evidence on house prices on and right around
Stanford’s ...