Marek Pycia

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We incorporate externalities into the stable matching theory of two-sided markets: We establish the existence of stable matchings provided that externalities are positive and agents' choices satisfy substitutability, and we show that the standard insights of matching theory, such as the existence of side optimal stable matchings and the rural hospitals(More)
Pay-as-bid auctions are frequently implemented when a single seller allocates multiple units of a homogeneous good, and are commonly used to sell treasury securities, allocate electricity generation, and distribute emissions credits. In this auction format, bidders submit demand curves to a seller who uses these stated demands to compute market-clearing(More)
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