a theory of commerce abstract the theory of commerce advanced here captures prominent features of retail trade large employment congestion effects anonymous posted prices and quantity discounts this theory is built around a directed search model where buyers preferences are private information the analytical solution is easily inserted in a neoclassical growth framework in this framework the parameters of retail trade are calibrated using commercial margins and employment welfare properties depend on the sellers ability to charge two tier prices with two tier prices the directed search equilibrium is efficient otherwise it is not this contrasts with the full information benchmark where directed search is always efficient

efficient and durable decision rules with incomplete information we compare six concepts of efficiency for economies with incomplete information depending on the stage at which individuals welfare is evaluated and on whether incentive constraints are recognized an example is shown in which an incentive efficient decision rule may be unanimously rejected by the individuals in the economy we define durable decision rules which can resist such unanimous rejection and show that efficient durable decision rules exist

competing through information provision this paper studies the symmetric equilibria of a two buyer two seller model of directed search in which sellers commit to information provision more informed buyers have better differentiated private valuations and extract higher rents from trade when sellers cannot commit to sale mechanisms information provision is higher under competition than under monopoly in contrast when sellers commit to both information provision and sale mechanisms i identify simple conditions under which sellers post auctions and provide full information in every equilibrium ensuring that all equilibrium outcomes are constrained efficient sellers capture the efficiency gains from increased information and compete only over non distortionary rents offered to buyers

renewable energy non renewable energy and economic growth in brazil this study employs brazil s yearly statistics from 1980 to 2010 to explore the causal relationships between the real gdp and four types of energy consumption non hydroelectric renewable energy consumption nhrec total renewable energy consumption trec non renewable energy consumption nrec and the total primary energy consumption tec the cointegration test reveals a long run equilibrium among brazil s real gdp labour capital and each of the four types of consumption the development of the brazilian economy has close ties with capital formation and labour force the influence of nhrec trec on real output is positive and significant while the impacts by nrec tec are insignificant the results from the vector error correction models reveal a unidirectional causality from nhrec to economic growth a bidirectional causality between economic growth and trec and a unidirectional causality from economic growth to nrec or tec without feedback in the long run these findings suggest that brazil is an energy independent economy and that economic growth is crucial in providing the necessary resources for sustainable development expanding renewable energy would not only enhance brazil s economic growth and curb the deterioration of the environment but also create an opportunity for a leadership role in the international system and improve brazil s competition with more developed countries

limits of exact equilibria for capacity constrained sellers with costly search abstract this paper studies finite versions of competitive matching models in which sellers announce prices and buyers understand the relationship between price and probability of trade two equilibrium concepts are studied for finite games subgame perfect equilibrium and rational expectations equilibrium it is shown that the distribution of prices offered by sellers under both equilibrium concepts converges weakly to the same competitive equilibrium distribution of prices furthermore the payoffs that sellers face in both kinds of equilibrium have the market utility property in the limit journal of economic literature classification numbers c78 d41 d45

renewable and non renewable energy use economic growth nexus the case of mena net oil importing countries abstract this study examines the energy use economic growth nexus by disaggregating energy use into two types of energy renewable and non renewable energy use our sample consists of eleven mena net oil importing countries noics during the period 1980 2012 a multivariate panel framework was used to estimate the long run relationship and the panel granger causality tests was employed to assess the causality direction among variables the empirical results provide evidence for long term equilibrium relationship between real gross domestic product gdp renewable energy use non renewable energy use real gross fixed capital formation and labor force the results provide evidence also for positive and statistically significant elasticities moreover the empirical findings from panel error correction model confirm the existence of bidirectional causality between renewable energy use and economic growth and between non renewable energy use and economic growth results that support the feedback hypothesis moreover our empirical findings provide evidence for two way bidirectional causal association in both the short and long run between renewable and non renewable energy use which proves the substitutability and interdependence between these two types of energy sources the policies implications of these results are also proposed and discussed

competition among contests when several contests compete for the participation of a common set of players a contest s allocation of prizes not only induces incentive effects but also participation effects our model predicts that an increase in the sensitivity with which contest outcomes depend on players efforts makes flatter prize structures more attractive to participants in equilibrium contests that aim to maximize the number of participants will award multiple prizes if and only if this sensitivity is sufficiently high moreover the prize awarded to the winner is decreasing in the contests sensitivity we provide empirical evidence from professional road running using race distance as a measure of sensitivity we show that steeper prize structures are more attractive to top ranked runners in longer that is less sensitive races in line with our theory longer races do in fact offer steeper prize structures

electricity consumption real gdp causality nexus evidence from a bootstrapped causality test for 30 oecd countries the goal of this paper is to examine any causal effects between electricity consumption and real gdp for 30 oecd countries we use a bootstrapped causality testing approach and unravel evidence in favour of electricity consumption causing real gdp in australia iceland italy the slovak republic the czech republic korea portugal and the uk the implication is that electricity conservation policies will negatively impact real gdp in these countries however for the rest of the 22 countries our findings suggest that electricity conversation policies will not affect real gdp

auctions with a stochastic number of bidders abstract auction theory is generalized by allowing the number of bidders to be stochastic in a first price sealed bid auction with bidders having constant absolute risk aversion the expected selling price is higher when the bidders do not know how many other bidders there are than when they do know this thus the seller should conceal the number of bidders if he can moreover a bidder s ex ante expected utility is the same whether or not there is a policy of concealing the number of bidders concealment therefore pareto dominates announcement with risk neutral bidders the optimal auction is the same whether or not the bidders know who their competitors are

greenhouse gas emission and renewable energy sources for sustainable development in bangladesh abstract bangladesh is an energy starving country the country will be on one of the fast growing power markets with its population and growing energy demand per person its fast growing urbanization and its socio economic development at present the potential demand of power is 5569 mw and the supply is below 4000 mw the country is dependent on the imported petroleum that is big burden on the economy the per capita emission is only 0 2667 tonne per person still much below the world leading countries 19 8 tonne per person for usa however bangladesh is one of the most vulnerable to climate change effect in the world in this regard renewable energy resources appear to be the one of the most efficient and effective solution for clean and sustainable energy development in bangladesh biomass is the dominating source of energy in bangladesh biomass energy is used in a very traditional way biomass conversion to energy in the form of liquid gaseous and solid pellet or briquette could be a viable option to reduce the pressure on the conventional fossil fuel the geographical location of bangladesh has several advantages for extensive use of grid connected solar electricity and stand alone solar pv system this article presents a review of the potential and utilization of the renewable energy sources in bangladesh

the relationship between economic growth and electricity consumption from renewable and non renewable sources a study of turkey abstract the main objective of this study is to analyze the short and long run estimates as well as the causality relationships between economic growth gr electricity consumption from renewable sources relc and electricity consumption from non renewable sources nrelc for turkey in a multivariate model wherein capital k and labor l are included as additional variables using the autoregressive distributed lag ardl approach to cointegration the johansen cointegration test and the gregory hansen cointegration test with structural break we show that gr relc nrelc k and l are cointegrated although nrelc has a long run positive effect on gr the long run estimate of relc is negative but insignificant at 5 level of significance the granger causality test based on the vector error correction model reveals the evidence of neutrality hypothesis between relc and gr and between nrelc and gr in turkey in the short run in addition the granger causality runs from relc nrelc k and l to gr as well as from gr relc k and l to nrelc in the long run which supports the existence of growth hypothesis between relc and gr and feedback hypothesis between nrelc and gr in the long run it is advised that policy makers in the turkish government should continue to reduce the share of electricity consumption from renewable sources and encourage the usage of electricity from non renewable sources to have sustainable long run growth rates it is also essential to promote the investment projects to increase the efficiency of electricity generation from non renewable sources

on the causal dynamics between emissions nuclear energy renewable energy and economic growth this paper examines the causal relationship between co2 emissions nuclear energy consumption renewable energy consumption and economic growth for a group of 19 developed and developing countries for the period 1984 2007 using a panel error correction model the long run estimates indicate that there is a statistically significant negative association between nuclear energy consumption and emissions but a statistically significant positive relationship between emissions and renewable energy consumption the results from the panel granger causality tests suggest that in the short run nuclear energy consumption plays an important role in reducing co2 emissions whereas renewable energy consumption does not contribute to reductions in emissions this may be due to the lack of adequate storage technology to overcome intermittent supply problems as a result electricity producers have to rely on emission generating energy sources to meet peak load demand

efficient competition through cheap talk the case of competing auctions we consider a large market where auctioneers with private reservation values compete for bidders by announcing cheap talk messages if auctioneers run efficient first price auctions then there always exists an equilibrium in which each auctioneer truthfully reveals her type the equilibrium is constrained efficient assigning more bidders to auctioneers with larger gains from trade the choice of the trading mechanism is crucial for the result most notably the use of second price auctions equivalently ex post bidding leads to the nonexistence of any informative equilibrium we examine the robustness of our finding in various dimensions including finite markets and equilibrium selection

on competing mechanisms under exclusive competition abstract we study games in which several principals design mechanisms in the presence of privately informed agents competition is exclusive each type of each agent can participate with at most one principal and meaningfully communicate only with him exclusive competition is at the center stage of recent analyses of markets with private information economic models of exclusive competition restrict principals to use standard direct mechanisms which induce truthful revelation of agents exogenous private information this paper investigates the rationale for this restriction we provide two results first we construct an economic example showing that direct mechanisms fail to completely characterize equilibrium outcomes even if we restrict to pure strategy equilibria second we show that truth telling strongly robust equilibrium outcomes survive against principals unilateral deviations toward arbitrary mechanisms

how much is a dollar worth tipping versus equilibrium coexistence on competing online auction sites theory models of platform competition predict that prices and buyer seller ratios should be approximately equal on coexisting auction sites using field experiments on ebay and yahoo auctions we find evidence that is inconsistent with equilibrium hypotheses and suggest that the market is tipping prices on ebay are consistently 20 70 percent higher than those on yahoo and ebay attracts two additional buyers per seller on yahoo prices and bidders counts are unaffected by the auction ending rule various differences between the sites cannot account for the magnitude of these disparities however a model of imitation dynamics can rationalize our findings

competition among auctioneers in large markets we analyse a multistage game of competition among auctioneers first the auctioneers commit to some reserve prices second the bidders enter one auction if any and finally the auctions take place we show that for any finite set of feasible reserve prices each auctioneer announces a reserve price equal to his production cost if the numbers of auctioneers and bidders are sufficiently large though finite our result supports the idea that optimal auctions may be quite simple our model also confirms previous results for some limit versions of the model by mcafee econometrica 61 1993 1281 1312 peters rev econ stud 64 1997 97 123 and peters and severinov j econ theory 75 1997 141 179

electricity consumption and economic growth in seven south american countries abstract this paper attempts to investigate the causal relationship between electricity consumption and economic growth among seven south american countries namely argentina brazil chile columbia ecuador peru and venezuela using widely accepted time series techniques for the period 1975 2006 the results indicate that the causal nexus between electricity consumption and economic growth varies across countries there is a unidirectional short run causality from electricity consumption to real gdp for argentina brazil chile columbia and ecuador this means that an increase in electricity consumption directly affects economic growth in those countries in venezuela there is a bidirectional causality between electricity consumption and economic growth this implies that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption in that country however no causal relationships exist in peru the documented evidence from seven south american countries can provide useful information for each government with regard to energy and growth policy

mean field equilibria of dynamic auctions with learning we study learning in a dynamic setting where identical copies of a good are sold over time through a sequence of second price auctions each agent in the market has an unknown independent private valuation that determines the distribution of the reward she obtains from the good for example in sponsored search settings advertisers may initially be unsure of the value of a click though the induced dynamic game is complex we simplify analysis of the market using an approximation methodology known as mean field equilibrium mfe the methodology assumes that agents optimize only with respect to long run average estimates of the distribution of other players bids we show a remarkable fact in a mean field equilibrium the agent has an optimal strategy where she bids truthfully according to a conjoint valuation the conjoint valuation is the sum of her current expected valuation together with an overbid amount that is exactly the expected marginal benefit of one additional observation about her true pri

economic insights from internet auctions this paper surveys recent studies of internet auctions four main areas of research are summarized first we survey several studies that document and attempt to explain the frequently observed sniping or last second bidding behavior in these auctions second we summarize several methods proposed to quantify the distortions caused by asymmetric information in these markets most notably due to the winner s curse third we explore research about the role of reputation mechanisms installed to help combat these distortions finally we discuss what internet auctions have to teach us about auction design

clean energy non clean energy and economic growth in the mist countries abstract this paper explores the causal relationship between clean renewable nuclear and non clean energy consumption and economic growth in emerging economies of the mist mexico indonesia south korea and turkey countries the panel co integration tests reveal that there is a long term equilibrium relationship among gdp capital formation labor force renewable nuclear and fossil fuel energy consumption the panel causality results indicate that 1 there is a positive unidirectional short run causality from fossil fuel energy consumption to economic growth with a bidirectional long run causality 2 there is a unidirectional long run causality from renewable energy consumption to economic growth with positive bidirectional short run causality and a long run causality from renewable to fossil fuel energy consumption with negative short run feedback effects and 3 there is a bidirectional long run causality between nuclear energy consumption and economic growth and a long run causality from fossil fuel energy consumption to nuclear energy consumption with positive short run feedback effects these suggest that mist countries should be energy dependent economies and that energy conservation policies may depress their economic development however developing renewable and nuclear energy is a viable solution for addressing energy security and climate change issues and creating clean and fossil fuel energy partnerships could enhance a sustainable energy economy

search costs and equilibrium price dispersion in auctions a leading explanation for price dispersion in posted price markets is search costs we incorporate this insight into a model of competing second price auctions similar to ebay by doing so we extend the narrow literature on competing auctions to capture price dispersion and grow the already large literature on price dispersion to include auctions we provide evidence on search costs and price dispersion using data collected from ebay identifying search costs by exploiting a discontinuity in the visibility of auctions due to ebay s search tool 1 we thank aaron bodoh creed greg lewis steve tadelis and various seminar participants for helpful comments nate woody for programming assistance and the cornell university institute for social sciences for financial support the views expressed herein are solely those of the authors and do not necessarily reflect those of the u s department of justice 1

surplus extraction and competition a competitive economy is studied in which sellers offer alternative direct mechanisms to buyers who have correlated private information about their valuations in contrast to the monopoly case where sellers charge entry fees and extract all buyers surplus it is shown that in the unique symmetric equilibrium with competition sellers hold second price auctions with reserve prices set equal to their cost most important it is a best reply for sellers not to charge entry fees of the kind normally used to extract surplus even though it is feasible for them to do so

renewable energy consumption economic growth nexus in turkey abstract this paper examines the renewable energy consumption economic growth causality nexus in turkey studies in the literature can be grouped as country specific and multi country studies the results of these studies are inconsistent and there is no agreement on the existence or the direction of causality between renewable energy consumption and economic growth the results of this country specific study support conservation hypothesis the results of empirical tests from ardl approach show that renewable energy consumption has a negative impact on economic growth and the ones of toda yamamoto causality tests show that there is a unidirectional causality running from economic growth to renewable energy consumption

on the welfare gains of price dispersion can price dispersion be associated with higher levels of welfare to answer we compare two economies that differ only in the way prices are formed in the first sellers post a unique price quantity pair with no price dispersion in the second sellers post a quantity only and let prices be determined ex post by realized demand resulting in price dispersion we show that while agents trade lower quantities when prices are dispersed an intensive margin effect they also trade more often an extensive margin effect at low inflation the extensive margin dominates making agents better off with price dispersion

imperfect competition in auction designs we study the competition between two owners of identical goods who wish to sell them to a pool of potential buyers the sellers compete simultaneously setting reserve prices for their second price sealed bid auctions upon observing the set reserve prices the buyers decide simultaneously in which auction to bid we show that this game has at least one equilibrium and that all equilibria are inefficient reserve prices are not driven to zero cost we also discuss where and why the parallel between optimal auction design and optimal pricing in the case of monopoly breaks down for oligopoly

a note on peters and severinov competition among sellers who offer auctions instead of prices abstract we consider a market in which sellers compete for buyers by advertising reserve prices for second price auctions applying the limit equilibrium concept developed in peters and severinov 1997 1 we show that the competitive matching equilibrium is characterized by a reserve price of zero this corrects a result in peters and severinov 1997 1

turnover externalities with marketplace trading this article considers equilibrium decentralized trade when there is a marketplace where buyers and sellers meet costlessly since buyers have idiosyncratic match payoffs for each seller s good some buyers rather than trade with the current stock of sellers wait for new sellers to enter the marketplace to obtain a good they like a turnover externality exists where all traders are better off with higher entry rates of new traders furthermore this turnover externality supports multiple pareto rankable equilibria this provides new insights into similar results obtained in the random matching literature

the electricity consumption versus economic growth of the polish economy abstract the aim of this contribution is an investigation of causal interdependences between electricity consumption and gdp in poland our research was conducted for total electricity consumption as well as for the industrial consumption of electricity in order to reflect the causality between gdp and electricity consumption properly we performed our investigations in a three dimensional framework with employment chosen as an additional variable we used reliable quarterly data from the period q1 2000 q4 2009 in order to check the stability of the causalities the investigations were performed on two samples a full sample and a pre crisis i e q1 2000 q3 2008 subsample we applied both traditional methods and some recently developed econometric tools we found feedback between total electricity consumption and gdp as well as between total electricity consumption and employment we also found unidirectional causality running from industrial electricity consumption to employment and no direct causal links between industrial electricity consumption and gdp in addition all these findings were in general not seriously affected by the financial and economic crises of 2008 a significant exception is the causal effect of industrial electricity consumption on employment which was more pronounced after the crisis of 2008

renewable energy consumption and income in emerging economies abstract increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy this paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption in the long term a 1 increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3 5 long term renewable energy per capita consumption price elasticity estimates are approximately equal to 0 70

robust competitive auctions a competitive distribution of auctions peters 1997 is robust to the possibility of a seller s deviation to any arbitrary mechanisms let alone direct mechanisms because the sufficient condition for the robustness is embedded in its notion of equilibrium

non renewable and renewable energy consumption and co2 emissions in oecd countries a comparative analysis abstract this paper attempts to explore the determinants of co 2 emissions using the stirpat model and data from 1980 to 2011 for oecd countries the empirical results show that non renewable energy consumption increases co 2 emissions whereas renewable energy consumption decreases co 2 emissions further the results support the existence of an environmental kuznets curve between urbanisation and co 2 emissions implying that at higher levels of urbanisation the environmental impact decreases therefore the overall evidence suggests that policy makers should focus on urban planning as well as clean energy development to make substantial contributions to both reducing non renewable energy use and mitigating climate change

competitive search markets with heterogeneous workers abstract this paper extends the concept of competitive search markets to the case with heterogeneous workers if offers can condition on workers productivity as this depends on some formal qualification the equilibrium is separating and efficient though there is wage compression if offers cannot condition on workers productivity the nature of the equilibrium depends on the size of the workers productivity difference for intermediate values of the productivity difference separation is achieved only by paying high types an efficiency wage premium we discuss several implications for wage dispersion and efficiency

mechanism design by competing sellers a dynamic model with many sellers and buyers is constructed agents failing to trade may trade in the next period an equilibrium is found where sellers hold identical auctions and buyers randomize over the sellers they visit the distribution of buyer valuations is endogenous an auction with efficient reserve is an optimal mechanism from each seller s point of view in spite of the ability of any seller to alter the distribution of buyer types participating in the seller s mechanism by altering the mechanism copyright 1993 by the econometric society

common values and low reserve prices i show that the benefit of a high reserve price in a common values ascending auction is lower than in the observationally equivalent private values setting put another way when bidders have common values empirical estimation based on a private values model will overstate the value of a high reserve price via numerical examples i show this same ranking typically applies to the level of the optimal reserve price as well and often to the benefit of any reserve price not just high ones with common values the optimal reserve can even be below the seller s valuation which is impossible with private values

efficient club formation in a frictional environment we study the assignment of agents to clubs in a frictional market environment club entry is endogenous and clubs compete by posting reserve prices in a competing auctions game prior to the agents decisions regarding which club to visit the competing auctions equilibrium is constrained efficient and the reserve price in general will not be zero

the effect of electricity consumption from renewable sources on countries economic growth levels evidence from advanced emerging and developing economies abstract this paper uses a sample of 36 countries for the time period 1990 2011 in order to examine the relationship between countries electricity consumption from renewable sources and gross domestic product gdp levels several nonparametric techniques are applied to investigate the effect of electricity consumption from several renewable sources including wind geothermal solar biomass and waste on countries gdp levels when investigating the whole sample ignoring countries economic development status the results reveal an increasing relationship up to a certain gdp level which after that point the effect of electricity consumption on gdp stabilises however when analyzing separately the emerging markets and developing economies and the advanced developed economies the results change significantly for the case of emerging market and developing economies the relationship appears to be highly nonlinear an m shape form indicating that on those countries the levels of electricity consumption from renewable sources will not result on higher gdp levels in contrast for the case of the advanced economies the results reveal an increasing nonlinear relationship indicating that higher electricity consumption levels from renewable sources results to higher gdp levels this finding is mainly attributed to the fact that in the advanced developed economies more terawatts from renewable sources are generated and consumed compared to the emerging market and developing economies which traditionally their economies rely on non renewable sources for power generation and consumption

renewable energy output co2 emissions and fossil fuel prices in central america evidence from a nonlinear panel smooth transition vector error correction model abstract this study examines the determinants of renewable energy consumption per capita for a panel of seven central american countries over the period 1980 to 2010 specifically we find that a long run cointegrated relationship exists between renewable energy consumption per capita real gdp per capita carbon emissions per capita real coal prices and real oil prices with the respective coefficients positive and statistically significant a structural break in the cointegrating relationship appears in 2002 which coincides with the establishment of the energy and environment partnership with central america initiative to expand the use of renewable energy sources recognizing the regime shift in 2002 we estimate a nonlinear panel smooth transition vector error correction model to show that for the post 2002 period the influence of renewable energy consumption per capita upon real coal and oil prices strengthened relative to the pre 2002 period as well as a greater sensitivity of real gdp per capita to carbon emissions per capita

sorting through search and matching models in economics toward understanding assortative matching this is a self contained introduction to research on search and matching we first explore the nontransferable and perfectly transferable utility matching paradigms and then a unifying imperfectly transferable utility matching model motivated by some unrealistic predictions of frictionless matching we flesh out the foundational economics of search theory we then revisit the original matching paradigms with search frictions we finally allow informational frictions that often arise such as in college student sorting

internet auctions with many traders abstract we study a multi unit auction environment similar to ebay sellers each with a single unit of a homogeneous good set reserve prices at their own second price auctions each buyer has private value for the good and wishes to acquire a single unit buyers can bid as often as they like and move between auctions we characterize a perfect bayesian equilibrium for this decentralized dynamic mechanism in which conditional on reserve prices an efficient set of trades occurs at a uniform price in a large but finite market the sellers set reserve prices equal to their true costs under a very mild distributional assumption so ex post efficiency is achieved buyers strategies in this equilibrium are simple and do not depend on their beliefs about other buyers valuations or the number of buyers and sellers

the causal relationship between energy resources and economic growth in brazil abstract this study investigates the causal relationship between clean and non clean energy consumption and economic growth in brazil over the period of 1980 2009 clean energy consumption at aggregated level of total renewable energy consumption and disaggregated levels of hydroelectric new renewables and nuclear energy consumption are tested within a production function framework a cointegration test reveals a long term equilibrium relationship between real output capital labor and renewable and non renewable energy consumption at aggregated level and a long term equilibrium relationship between real output capital labor and hydroelectric new renewables nuclear and fossil fuel energy consumption at disaggregated level the capital labor and new renewables elasticities of real output are positive and statistically significant other energy consumption item s elasticities are insignificant the results from error correction model reveal the interdependencies between new renewables nuclear fossil fuel and total non renewable energy consumption and economic growth the unidirectional causality from hydroelectric total renewable consumption to economic growth the substitutability between new renewables and fossil fuel consumption and the substitutability between new renewables and nuclear energy consumption additionally nuclear and new renewables energy consumption responds to bring the system back to equilibrium overall aggregated analysis may obscure the relationship between different types of clean energy consumption and economic growth

what role of renewable and non renewable electricity consumption and output is needed to initially mitigate co2 emissions in mena region abstract this study attempts to explore the causal relationship between renewable and non renewable electricity consumption output and carbon dioxide co 2 emissions for 10 middle east and north africa mena countries over the period of 1980 2009 the results from panel fully modified ordinary least squares fmols and dynamic ordinary least squares dols show that renewable and non renewable electricity consumption add in co 2 emissions while output real gross domestic product gdp per capita exhibits an inverted u shaped relationship with co 2 emissions i e the environment kuznets curve ekc hypothesis is validated the short run dynamics indicate the unidirectional causality running from renewable and non renewable electricity consumption and output to co 2 emissions in the long run there appears to be a bidirectional causality between electricity consumption renewable and non renewable and co 2 emissions the findings suggest that future reductions in co 2 emissions might be achieved at the cost of economic growth

auctions with contingent payments an overview i survey a literature on auctions with contingent payments that is auctions in which payments are allowed to depend on an ex post verifiable variable such as revenues in oil lease auctions based on demarzo et al 2005 i describe a partial ranking of auction revenues for auctions that differ in terms of contract forms pricing rules and seller commitment and why the revenue equivalence theorem does not apply even in an independent private values setup i discuss models that incorporate adverse selection moral hazard competition between auctioneers common values and the sale of multiple units

constrained efficiency with adverse selection and directed search abstract this paper studies constrained efficiency in guerrieri et al s 2010 model of adverse selection and directed search buyers post contracts and sellers with private information about their type direct their search toward their preferred contract buyers and sellers then match bilaterally and trade if the guerrieri shimer wright equilibrium fails to achieve the first best then the planner subject to the frictions of the environment achieves strictly higher welfare than the equilibrium i e the equilibrium is not ex ante constrained efficient under certain conditions the planner achieves an allocation that even pareto dominates the equilibrium i e the equilibrium is not interim constrained efficient under other conditions the planner can completely undo the effects of adverse selection and achieves the first best cross subsidization is the key to these results

efficient and competitive rationing abstract the contracts that interest us here are called priority service contracts the salient feature of such contracts is that they specify each customer s priority in obtaining service that is they specify the tank order in which a customer is served out of the available supply until all customers are served or supply is exhausted such contracts essentially establish queues for customers in section 1 the author provides some background about priority service section 2 formulates a basic model and offer several illustrations also describes two main examples that motivate the theoretical development section 3 derives some key results that show how the prices of priority service contracts are designed to induce customers to self select efficient service orders in section 4 the author discusses various ways that state enterprises can organize markets that implement priority service efficiently in section 5 we study the operation of competitive markets for priority service section 6 concludes with some summary remarks two themes are emphasized one is that a state enterprise can promote substantial efficiency gains by substituting priority service for absent spot markets the other is that oligopolistic firms may have insufficient incentives to offer efficient product diversity consequently allocative efficiency depends on entry of numerous firms even so dispersal of supplies among many firms can prevent productive efficiency when there are advantages from pooling supplies

equilibrium mechanisms in a decentralized market abstract a large decentralized market where buyers have private information about the idiosyncratic value of an exchange opportunity with a seller is studied the seller offers the buyer a contract or mechanism as soon as he is matched it is shown that if the discount factor is high enough there will be a symmetric market equilibrium in which all sellers offer simple fixed price mechanisms along the equilibrium path these mechanisms will be ex ante inefficient prices will be too high and the extent of search by buyers too low journal of economic literature classification numbers d82 d83 d44

sorting versus screening search frictions and competing mechanisms in a market where sellers compete by posting trading mechanisms we allow for a general search technology and show that its features crucially affect the equilibrium mechanism price posting prevails when meetings are rival i e when a meeting by one buyer reduces another buyer s meeting probability under price posting buyers reveal their type by sorting ex ante only if the meeting technology is sufficiently non rival price posting is not an equilibrium multiple buyer types then visit the same sellers who screen ex post through auctions

the causal relationship between electricity consumption and economic growth in the asean countries abstract this paper investigates the causal relationship between electricity consumption and economic growth among the association of south east asian nations asean 4 members namely indonesia malaysia singapore and thailand using modern time series techniques for the period 1971 2002 the results indicate that there is a bi directional causality between electricity consumption and economic growth in malaysia and singapore this means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption in the two countries however uni directional causality runs from economic growth to electricity consumption in indonesia and thailand without any feedback effect thus electricity conservation policies can be initiated without deteriorating economic side effects in the two countries

bidding behavior in competing auctions evidence from ebay much of the existing auction literature treats auctions as running independently of one another with each bidder choosing to participate in only one auction however in many online auctions a number of substitutable goods are auctioned concurrently and bidders can bid on several auctions at the same time recent theoretical research shows how bidders can gain from the existence of competing auctions the current paper providing the first empirical evidence in support of competing auctions theory using online auctions data from ebay our results indicate that a significant proportion of bidders do bid across competing auctions and that bidders tend to submit bids on auctions with the lowest standing bid as the theory predicts the paper also shows that winning bidders who cross bid pay lower prices on average than winning bidders who do not

competition among sellers who offer auctions instead of prices abstract in this paper we study a large market in which sellers compete by offering auctions to buyers instead of simple fixed price contracts two variants of the model are studied one extends a model first analyzed by wolinsky rev econ stud 55 1988 71 84 in which buyers learn their valuations only after meeting sellers the other variant extends the model of mcafee econometrica61 1993 1281 1312 in which buyers know their valuations before they choose among available auctions the equilibrium array of auctions is characterized for each case and the efficiency properties of the equilibria are analyzed journal of economic literatureclassification numbers d41 d44 d82

renewable energy consumption co2 emissions and oil prices in the g7 countries abstract economic and societal issues related to energy security and global warming is placing greater emphasis on the consumption of renewable energy this paper presents and estimates an empirical model of renewable energy consumption for the g7 countries panel cointegration estimates show that in the long term increases in real gdp per capita and co2 per capita are found to be major drivers behind per capita renewable energy consumption these results are robust across two different panel cointegration estimators oil price increases have a smaller although negative impact on renewable energy consumption deviations from equilibrium are driven mostly by the error correction term as opposed to short term shocks short term deviations from the long term equilibrium take anywhere from between 1 3 years france and 7 3 years japan to correct

the winner s curse reserve prices and endogenous entry empirical insights from ebay auctions internet auctions have recently gained widespread popularity and are one of the most successful forms of electronic commerce we examine a unique data set of ebay coin auctions to explore the determinants of bidder and seller behavior we begin by documenting a number of empirical regularities in our data set of ebay auctions next we specify and estimate a structural econometric model of bidding on ebay using our parameter estimates from this model we measure the extent of the winner s curse and simulate seller revenue under different reserve prices

competitive screening under heterogeneous information we study the interplay between informational frictions and second degree price discrimination our theory recognizes that consumers differ in their tastes for quality as well as in the information they possess about available offers which leads to dispersion over price quality menus in equilibrium while firms are ex ante identical we show that their menus are ordered so that more generous menus leave more surplus to consumers of all valuations we explore the cross section of equilibrium menus and variations in market conditions to generate empirical predictions on prices qualities and markups across firms and within a firm s product line for instance more competition may raise prices for low quality goods yet consumers are better off as the qualities they receive also increase the predictions of our model illuminate empirical findings in many markets such as those for cell phone plans yellow pages advertising cable tv and air travel

electricity consumption from renewable and non renewable sources and economic growth evidence from latin american countries abstract this study explores the effect of renewable and non renewable electricity consumption on economic growth in 18 latin american countries to achieve the goal of this study a panel gross domestic product gdp model was constructed taking the period 1980 2010 into account from the pedroni cointegration test results it was found that renewable electricity consumption non renewable electricity consumption labor gross fixed capital formation and total trade are cointegrated moreover the panel dynamic ordinary least squares dols test results revealed that all above the mentioned variables have a long run positive effect on gdp growth in the investigated countries the vector error correction vec granger causality model results revealed the existence of feedback causality between the variables the results of the study indicated that renewable electricity consumption is more significant than non renewable electricity consumption in promoting economic growth in the investigated countries in the long run and the short run based on the results of this study it is recommended that the investigated countries should increase their investment on renewable energy projects to increase the role of electricity consumption from renewable sources in addition it is essential that these countries should reduce their non renewable electricity consumption by increasing their energy efficiency and implementing energy saving projects by applying these recommendations these countries would be able to mitigate global warming and reduce their dependency on fossil fuel to increase their energy security

dynamic markets with competitive bidding the model features a dynamic market in steady state in which prices are determined in first price auctions it combines competition over time familiar from the pairwise meeting models with instantaneous bidding competition it inquires how different properties of the model determine the relative importance of these two aspects of the competition and in particular how the non market clearing price result of the matching and bargaining models is affected by the

efficient entry in competing auctions in this paper we consider the efficiency of seller entry into a large market in which sellers post and commit to terms of trade and buyers then allocate themselves across sellers buyers differ in their valuations for the good being sold in this mar ket and sellers are heterogeneous with respect to their reservation values in this environment a second price auction is a simple mechanism which allows the buyers who interact with a particular seller to compete for that seller s good the competing auctions literature e g mcafee 1993 and peters and severinov 1997 considers the characteristics of these auctions as the market gets large and it is now well understood that competition leads each seller to post an efficient mechanism e g a second price auction with reserve price equal to seller reservation value the implications of a large market for seller entry are less well understood in this environment when goods are auctioned buyers extract an information rent from sellers one might therefore expect that the equilibrium level of seller entry into the market would be below the level that a social planner would choose there is however a counterbalancing force namely that when a seller enters the market that seller steals buyers from the sellers who were already there and so potentially reduces the surpluses associated with these sellers our main result is that in a large market when sellers are free to choose their preferred mechanisms these two effects information rent versus business stealing exactly offset each other leading to the socially efficient level of seller entry in addition we show that the equilibrium and social planner allocation of buyers across seller types coincide the model we present is one of competitive search sellers compete for buyers by posting and committing to selling mechanisms and buyers direct their search based on these posted mechanisms moen 1997 and shimer 1996 demonstrate the efficiency of entry in a model of competitive search that has two special features first meetings between buyers and sellers are one on one that is each seller interacts with at most one buyer second there is complete information in the sense that once

search costs and equilibrium price dispersion in auction markets abstract a leading explanation for price dispersion in posted price markets is search costs we incorporate this insight into a model of competing second price auctions similar to ebay by doing so we extend the narrow literature on competing auctions to capture price dispersion and grow the already large literature on price dispersion to include auctions we provide evidence on search costs and price dispersion using data collected from ebay identifying search costs by exploiting a discontinuity in the visibility of auctions due to ebay s search tool

renewable energy consumption economic growth nexus for china abstract the aim of this paper is to investigate the relationship between renewable energy consumption and economic growth in china for the period 1977 2011 autoregressive distributed lag approach ardl to cointegration and johansen cointegration techniques are employed by including intermittent variables namely carbon dioxide emissions and labor we also employed granger causality test in order to determine the direction of the causality among the variables the results show that there is a bi directional long term causality between renewable energy consumption and economic growth this finding implies that growing economy in china is propitious for the development of renewable energy sector which in turn helps to boost economic growth we also find that labor influences renewable energy consumption in the short term however there is no evidence of long or short run causality between carbon emissions and renewable energy consumption this implies that actual level of renewable energy in china is still insignificant and not considerably exploited in order to contribute to the mitigation of carbon dioxide emissions

optimal auction design in two sided markets a key feature of online markets for advertising e g sponsored links is that clicking rates depend on the searchers expectations that the platform selects relevant advertisers this article studies auction design by a platform that maximizes profits in the long run where clicking rates are mechanism dependent in line with the practice of the major search engines the revenue maximizing mechanism is a scoring auction that combines the willingness to pay and the relevance to searchers of advertisers by trading off rent extraction and clicking volume this mechanism works as a cross subsidization device between searchers and advertisers

on absolute auctions and secret reserve prices from a theory viewpoint the use of auctions with zero public reserve prices also called absolute auctions or of auctions with secret reserve prices is somewhat puzzling despite being common by allowing that buyers differ in their processing of past data regarding how the participation rate varies with the auction format and how reserve prices are distributed when secret we show in a competitive environment that these auction formats may endogenously emerge we also analyze how buyers with various sophistications and sellers with various costs sort into the different formats thereby offering a range of testable predictions alternative approaches are reviewed

competing trade mechanisms and monotone mechanism choice abstract we investigate the choice between posted prices and auctions of competing sellers with private valuations assuming that buyers face higher hassle costs in auctions we show the existence of monotone pure strategy equilibria where sellers offer posted prices rather than auctions if and only if they have a sufficiently high reservation value posted prices sell with lower probability but yield a larger revenue in case of trade using an empirical strategy to compare revenues of posted prices and auctions that takes selling probabilities explicitly into account we find our theoretical predictions supported by data from ebay auctions on ticket sales for the euro 2008 european football championship

the effects of information and competition on racial discrimination evidence from a field experiment abstract we study racial discrimination by simultaneously selling identical products on ebay in pairs of auctions posted under different racially identifying names we detect significant price differences which are indicative of in group biases white names receive higher prices for distinctively white products and black names receive higher prices for distinctively black products but price differences only emerge for sellers who have low ebay feedback scores in less competitive markets because the price differences dissipate as sellers accumulate credible reputations the patterns in the data are indicative of statistical discrimination overall the results suggest that mechanisms designed to reduce informational asymmetries and increased competition are both effective at reducing discrimination in online auctions

competition among sellers in securities auctions we study simultaneous security bid second price auctions with com petition among sellers for potential bidders the sellers compete by designing ordered sets of securities that the bidders can offer as payment for the assets upon observing auction designs potential bidders decide which auctions to enter we characterize all symmet ric equilibria and show that there always exist equilibria in which auctions are in standard securities or their combinations in large markets the unique equilibrium is auctions in pure cash we extend the model for competition in reserve prices and show that binding reserve prices never constitute equilibrium as long as equilibrium security designs are not call options jel d44 d82 g10 in economic and financial markets rights to control and exploit assets with the potential to generate cash flows are often sold through auctions while in some auc tions the winner s future profits from the asset cannot be used as a basis for payment so only cash bids are possible in many cases it is possible to observe and verify the ex post cash flows this means that bidders can submit their bids in the form of securities the values of which are contingent on future cash flows from the asset securities auctions are common in the real world examples include government sales of oil leases lead plaintiff wireless spectrum and highway building auctions many other transactions though not formally auctions are similar to securities auc tions in nature examples include corporate takeovers intercorporate asset sales book publishing advertising and venture capital markets 1 in this paper we analyze equilibrium auction mechanisms when sellers compete for potential bidders by altering security designs of their auctions rather than reserve prices as in the prior literature specifically we consider an environment in which

on discrimination in auctions with endogenous entry abstract when entry is exogenous strong buyers should be discriminated against weak buyers to maximize revenues myerson 1981 when entry is endogenous so that entrants expected payoffs do not depend on the proposed mechanism optimal discrimination takes a completely different form the revenue maximizing equilibrium requires that there should be no discrimination with respect to entrants irrespective of their ex ante characteristics besides those buyers who always participate should be discriminated against entrants independently of their strength these predictions are independent of the equilibrium selection when the number of potential entrants grows large the optimality of first price auctions is also discussed jel d44 h57

nonrenewable energy renewable energy carbon dioxide emissions and economic growth in china from 1952 to 2012 abstract this paper mainly investigates the relationship among energy consumption carbon emissions and economic growth in china from 1952 to 2012 first we implement unit root and cointegration analysis to test the stationary furthermore we analyze the mutual influence among energy consumption carbon emissions and economic growth through granger causality analysis next we also conduct static and dynamic regression analysis on the determinants of carbon emissions and economic growth last we predict the future influence of different energy consumption on carbon emissions and economic growth we find that coal has dominant impact on economic growth and carbon emissions gdp gross domestic product has bi directional relationship with co2 carbon dioxide emission coal gas and electricity consumption it is imperative to change energy consumption structure in china we had better decrease coal consumption rate it is significant to develop hydro and nuclear power in china

the ponds dilemma is it better to be a big fish in a small pond or a small fish in a big pond to find out we study self selection into contests our simple model predicts that 1 entry into the big pond in terms of show up fees number or value of prizes is non monotonic in ability 2 entry into the more meritocratic pond is likewise non monotonic exhibiting two interior extrema and disproportionately attracting very low ability types and 3 changes in rewards can produce unexpected effects e g higher show up fees may lower entry while higher prizes or more meritocracy may lower the average ability of entrants this article is protected by copyright all rights reserved

economic welfare impacts from renewable energy consumption the china experience over the last years renewable energy sources have increased their share on electricity generation of china due to environmental and security of supply concerns in this work author assesses the role of both the amount and share of renewable energy consumption in economic welfare using cobb douglas type production functions this assessment is carried out by multivariate ols and spss software for china from 1978 to 2008 results indicate that a 1 increase in renewable energy consumption rec increases real gdp by 0 120 gdp per capita by 0 162 per capita annual income of rural households by 0 444 and per capita annual income of urban households by 0 368 respectively the impact of renewable energy consumption share srec on economic welfare is insignificant and an increasing share of rec negatively affects economic welfare growth to a certain extent in this paper the cost structural demand accounting mechanism and policy reasons of renewable energy development are interpreted marginal effects analysis show that the shape of sound and robust renewable energy institutions and policies would matter for increasing the standards of economic welfare in the context of speeding up renewable energy development and increasing share of renewable energy consumption especially the goal oriented policy refinement should be addressed efficiently in improvement households income while increasing share of renewable energy consumption c 2011 elsevier ltd all rights reserved

energy consumption and economic growth in the usa evidence from renewable energy abstract recent debates about renewable energy consumption manifest two main expectations firstly renewable energy consumption should contribute to economic growth and secondly it should not cause damage on environment this study focuses on the first issue by applying toda yamamoto procedure and bootstrap corrected causality test for the us since empirical literature criticizes the toda yamamoto test which bases on asymptotic distribution the models consist of real gdp employment investment and kinds of renewable energy consumption only one causal relationship was found from biomass waste derived energy consumption to real gdp no causal relationship was found between real gdp and all of the other renewable energy kinds total renewable energy consumption geothermal energy consumption hydro electric energy consumption biomass energy consumption and biomass wood derived energy consumption that is using of energy from waste cause not only solving the dumping problems but also it contributes to real gdp for policy purpose the results of this study suggest that countries should concentrate on energy producing from waste as an alternative energy resource

budget constrained sequential auctions with incomplete information i study a budget constrained private valuation sealed bid sequential auction with two incompletely informed risk neutral bidders in which the valuations and income may be non monotonic functions of a bidder s type multiple equilibrium symmetric bidding functions may exist that differ in allocation efficiency and revenue the sequence of sale affects the competition for a good and therefore also affects revenue and the prices of each good in a systematic way that depends on the relationship among the valuations and incomes of bidders the sequence of sale may affect prices and revenue even when the number of bidders is large relative to the number of goods if a particular good say is allocated to a strong bidder independent of the sequence of sale then auction revenue and the price of good are higher when good is sold first

trade taxes and international investment this paper demonstrates that international investment disturbs the conventionally understood equivalence between import tariffs and export taxes fundamentally remittances to foreigners introduce an additional pecuniary channel between countries so that two good lerner symmetry generally will not hold moreover because tariffs subsidize investors in the local import competing sector while export taxes can extract rent from foreign investors in the export sector the pattern of international investment will influence government preferences over trade policy instruments as well as levels notably trade tax symmetry is restored by introducing a third policy tool in the form of a direct a tax on international remittances ce memoire montre que l investissement international bouscule l equivalence canonique presumee entre tarifs a l importation et taxe a l exportation fondamentalement des versements aux etrangers ouvrent un canal additionnel entre pays qui fait que la symetrie de lerner ne tient plus de plus parce que les tarifs subventionnent les investisseurs dans le secteur national protege alors que la taxe a l exportation peut extraire une rente des investisseurs etrangers dans le secteur d exportation le pattern d investissement international va influencer les preferences du gouvernement quant a l usage d un instrument de politique commerciale ou un autre et quant a la vigueur avec laquelle il sera utilise la symetrie des taxes sur le commerce international est restauree en introduisant un troisieme intrument de politique sous la forme d une taxe directe sur les versements internationaux

renewable energy and growth evidence from heterogeneous panel of g7 countries using granger causality abstract in this paper we examine the causal relationship between renewable energy consumption and economic growth across the g7 countries using annual data for the period of 1990 2011 by employing the causality methodology proposed by emirmahmutoglu and kose 2011 8 we investigate if there is a causal relationship between the variables the advantage of this methodology is that it takes into account possible slope heterogeneity and cross sectional dependency in a multivariate panel the empirical results support the existence of a bi directional causal relationship between economic growth and renewable energy for the overall panel however looking at the individual results for each country the neutrality hypothesis is confirmed for canada italy and the us while for france and uk there is a unidirectional causality from gdp to renewable energy and the opposite for germany and japan

contingent prices and money price posting with directed search is a widely used trading mechanism coles and eeckhout showed that if sellers are allowed to post prices contingent on realized demand instead of one price then there is real market indeterminacy in this article we fit this contingent price posting protocol into a monetary economy we show that as long as holding money is costly there exists a unique equilibrium rather than a continuum in this equilibrium sellers post a low price for when the buyer is alone a high price for when several buyers show up and buyers randomize between sellers and money holdings

the macroeconomic effects of trade tariffs revisiting the lerner symmetry result abstract we study the robustness of the lerner symmetry result in an open economy new keynesian model with price rigidities while the lerner symmetry result i e the absence of allocative and trade flow effects of an equally sized change in import tariff and export subsidy holds up approximately for a number of alternative assumptions we obtain quantitatively important long term deviations under complete international asset markets direct pass through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short term deviations from lerner deviations from symmetry however do not necessarily imply an impact on global output and are often limited to a redistribution of production and consumption across countries finally we quantify the macroeconomic costs of a trade war and find that they can be substantial with permanently lower income and trade volumes however a fully symmetric retaliation to an unilaterally imposed border adjustment tax can prevent any sizable adverse real or nominal effects

energy consumption and economic growth in central america evidence from a panel cointegration and error correction model abstract this study examines the relationship between energy consumption and economic growth for six central american countries over the period 1980 2004 within a multivariate framework given the relatively short span of the time series data a panel cointegration and error correction model is employed to infer the causal relationship based on the heterogeneous panel cointegration test by pedroni pedroni p 1999 critical values for cointegration tests in heterogeneous panels with multiple regressors oxford bulletin of economics and statistics 61 653 670 pedroni p 2004 panel cointegration asymptotic and finite sample properties of pooled time series tests with an application to the ppp hypothesis new results econometric theory 20 597 627 cointegration is present between real gdp energy consumption the labor force and real gross fixed capital formation with the respective coefficients positive and statistically significant the granger causality results indicate the presence of both short run and long run causality from energy consumption to economic growth which supports the growth hypothesis

pricing and signaling with frictions abstract we study a market where each seller chooses the quality and price of goods and the number of selling sites observing sellers choices of prices and sites but not quality buyers choose which site to visit a seller s choices of prices can direct buyers search and signal quality a unique equilibrium exists and is separating when the quality differential is large the equilibrium implements the efficient allocation with public information otherwise the quality of goods and or the number of sites created is inefficient due to a conflict between the search directing and signaling roles of prices