Fernando Branco

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Auctions of government securities typically permit bidders to enter multiple price-quantity bids. Despite the widespread adoption of this institutional feature and its use by bidders, the motivations behind its use and its eects on auction outcomes are not well understood theoretically and have been little explored empirically. Using bidding data from(More)
C onsumers often need to search for product information before making purchase decisions. We consider a tractable (continuous-time) model of gradual learning, in which consumers incur search costs to learn further product information, and update their expected utility of the product at each search occasion. We characterize the optimal stopping rules for(More)
Objectivo: Estudar as propriedades psicométricas da versão portuguesa da Perceived Stress Scale-10 (PSS-10). Amostra: Cinco amostras da população geral (n = 762) e cinco amostras de pessoas com doença física ou perturbação ansiosa (n = 201). A experimentação científica sobre os mecanismos adaptativos e homeostáticos dos organismos vivos remonta ao século(More)
Keywords: Glass fibre reinforced polymer (GFRP) Steel fibre reinforced self-compacting concrete (SFRSCC) Hybrid structure Footbridge Prestress Flexure Experimental tests Modelling a b s t r a c t Glass fibre reinforced polymer (GFRP) pultruded profiles are being increasingly used in the construction industry since the last few decades. The high potential of(More)
Reform proposals of health care systems in several countries have advocated variations of a risk adjustment/capitation system. These proposals face a serious objection: incentives to risk selection are prevalent in the system. By now, considerable literature has been devoted to finding ways of mitigating, if not eliminating, this problem, while at the same(More)
A seller often needs to determine the amount of product information to provide to consumers. We model costly consumer information search in the presence of limited information. We derive the consumer's optimal stopping rule for the search process. We find that, in general, there is an intermediate amount of information that maximizes the likelihood of(More)
Consumers often need to search for product information before making purchase decisions. We consider a parsimonious model in which consumers incur search costs to learn further product information , and update their expected utility of the product at each search occasion. We characterize the optimal stopping rules to either purchase, or not purchase, as a(More)
This paper develops a theory of gradual sales and underpricing of shares in privatizations. Gradual sales and underpricing are strategic devices used by policymakers to signal commitment when the capital markets are unsure about the government's type and attempt to infer it from observed performance. The model establishes for which firms the use of(More)