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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)
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)
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)
Project Lx Conventos aims to study, in a systematic and integrated manner, the impact of the dissolution of religious orders in the dynamics of urban transformation in nineteenth century Lisbon. After the liberal revolution and the civil war, in the 19th century, the dissolution of religious orders led to the alienation, in Lisbon, of nearly 130 religious(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)
The paper analyzes the organization of the R&D activity in an incomplete contract framework. It provides theoretical foundations: (a) to understand how the allocation of property rights on innovations may affect both the frequency and the magnitude of these innovations; (b) to rationalize commonly observed features in research employment contracts, such as(More)
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