This article further studies ex ante efficient auctions in the setting of Stegeman (1996 Participation costs and efficient auctions, Journal of Economic Theory 71, 228–259.), where there exist entry costs for bidders who know their valuations. An alternative method is established to address efficient auctions. This method illustrates the intuition why the ex ante efficient allocation is Bayesian implementable through the Stegeman (1996) auction (a second-price auction with a reserve price equal to seller’s valuation (...) and no entry fee). More importantly, our method leads to an alternative ex ante efficient auction that implements uniquely the efficient entry. Thus, this alternative auction solves the entry indeterminacy problem of the Stegeman (1996) auction, which generally induces inefficient entry equilibria besides the efficient ones. (shrink)

Do hard budget constraints work in favour or against truth telling in double auctions? McAfee constructed a simple double auction mechanism, which is strategyproof and minimally inefficient, but may resort to dual prices, where the difference between prices is channelled as a surplus to the market maker, preventing MDA from achieving a balanced budget. We construct a variant of MDA in which no-loss constraints play a major positive role. Our variant of MDA is also strategyproof, as efficient as (...) MDA but improves on it by achieving a balanced budget via always having a uniform price. (shrink)

We study a first-price auction preceded by a negotiation stage with complete information, during which bidders may form a bidding ring. We prove that in the absence of externalities, the grand cartel forms in equilibrium, allowing ring members to gain the auctioned object for a minimal price. However, identity-dependent externalities may lead to the formation of small rings, as often observed in practice. Potential ring members may condition their participation on high transfer payments as a compensation for their expected (...) externalities if the ring forms. The cartel may therefore profitably exclude these bidders, although risking tougher competition in the auction. We also analyze ring efficiency in the presence of externalities, showing that a ring may prefer sending an inefficient member to the auction, if the efficient member exerts threatening externalities on bidders outside the ring, which in turn leads to a higher winning price. (shrink)

When randomly assigning participants to experimental roles and the according payment prospects, participants seem to receive “manna from heaven.” In our view, this seriously questions the validity of laboratory findings. We depart from this by auctioning off player roles via the incentive compatible random price mechanism thus avoiding the selection effect of competitive second price auctions. Our experiment employs the generosity game where the proposer chooses the size of the pie, facing an exogenously given own agreement payoff, and the responder (...) is the residual claimant. We find that entitlement crowds out equality seeking and strengthens efficiency seeking. More generally, we find that inducing entitlement for the roles in which participants find themselves makes a difference. Interpreting participants’ willingness to pay for their role as their aspiration level further allows to test satisficing and explore “mutual satisficing.” We find that responder participants apparently do not anticipate proposer generosity in aspiration formation. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the incidence (...) of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

This paper focuses on a task allocation problem, especially cases where the task is to find a solution in a search problem or a constraint satisfaction problem. If the search problem is hard to solve, a contractor may fail to find a solution. Here, the more computational resources such as the CPU time the contractor invests in solving the search problem, the more a solution is likely to be found. This brings about a new problem that a contractee has to (...) find an appropriate level of the quality in a task achievement as well as to find an efficient allocation of a task among contractors. For example, if the contractee asks the contractor to find a solution with certainty, the payment from the contractee to the contractor may exceed the contractee's benefit from obtaining a solution, which discourages the contractee from trading a task. However, solving this problem is difficult because the contractee cannot ascertain the contractor's problem-solving ability such as the amount of available resources and knowledge or monitor what amount of resources are actually invested in solving the allocated task. To solve this problem, we propose a task allocation mechanism that is able to choose an appropriate level of the quality in a task achievement and prove that this mechanism guarantees that each contractor reveals its true information. Moreover, we show that our mechanism can increase the contractee's utility compared with a simple auction mechanism by using computer simulation. (shrink)

Libertarians favor a free market for intrinsic reasons: it embodies liberty, accountability, consent, cooperation, and other virtues. Additionally, if property rights against trespasses such as pollution are enforced and if public lands are transferred as private property to environmental groups, a free market may also protect the environment. In contrast, Terry Anderson and Donald Leal's Free Market Environmentalism favors a free market solely on instrumental grounds: markets allocate resources efficiently. The authors apparently follow cost‐benefit planners in endorsing a specious tautology (...) that “defends” allocative efficiency by defining “social welfare” in terms of it. They make no attempt to show that allocative efficiency is a good thing or that it is consistent with environmental protection. By regarding pollution as a compensable external cost rather than as an enjoinable nuisance and by arguing that the government should auction rather than give public lands to environmental groups, moreover, Anderson and Leal offer far less protection of the environment than libertarians do. (shrink)

Sports officials, players, and fans are concerned about overseas player rankings for the IPL auction. These rankings are becoming progressively essential to investors when premium leagues are commercialized. The decision-makers of the Indian Premier League choose cricketers based on their own experience in sports and based on performance statistics on several criteria. This paper presents a scientific way to rank the players. Our research examines and contrasts different multicriteria decision-making algorithms for ranking foreign players under various criteria to assess (...) their performance and efficiency. The paper uses three MCDM algorithms, TOPSIS, TODIM, and NR-TOPSIS, for foreign players ranking in the Indian Premier League. Our analysis is limited to the batsmen and bowlers only. We perform the analysis using Python language, a popular high-level programming language. Finally, we perform a sensitivity analysis to determine the stability of each method when the weights of the criterion or the value of a parameter was changed. Our analysis exhibits the superiority of TODIM over TOPSIS and NR-TOPSIS. (shrink)

Internet fraud is an issue that increasingly concerns regulators, consumers, firms, and business ethics researchers. In this article, we examine one common form of internet fraud, the practice of shill bidding (when a seller in an auction enters a bid on his or her own item). The significant incidence of shill bidding on eBay (in spite of the fact that it is illegal just as it is in live auctions) exemplifies the current ineffectiveness of regulatory means as well as (...) the lack of effective societal mechanisms to prevent online fraud. Further, the proliferation of shill bidding along with other types of internet fraud may have broader implications. If unethical behavior such as shill bidding becomes too widespread on the internet, regulators and other societal forces may deem it necessary to institute controls that will impact the entire online marketplace as well as the future development and regulation of business activities on the internet. Our results indicate that shill bidding is perpetrated on eBay significantly more often than 0.1% rate of fraud estimated by the firm. This suggests that regulators, users, and others stakeholders may become concerned enough to act. The impact of those responses on the internet of the future may affect a broad array of users beyond the unethical sellers on eBay. (shrink)

This article explores the possibilities offered by Collins’ model of interaction rituals to an understanding of the emotional dynamics of art auctions. It argues that whilst it explains how the art object becomes the focus of attention, and thus the repository of solidarity and emotional energy, it also obliterates some of the institutional aspects of the auction market that can influence such outcomes. It discusses the need to include an examination of the specific practices of auction houses operating (...) in an international market in their capacity to target specific audiences for their sales. (shrink)

We study a dynamic auction mechanism in the context of private provision of a discrete public good under incomplete information. The bidders have private valuations, and the cost of the public good is common knowledge. No bidder is willing to provide the good on her own. We show that a natural application of open ascending auctions in such environments fails dramatically: The probability of provision is zero in any equilibrium. The mechanism effectively auctions off the ‘right’ to be the (...) last one to contribute, but intuition suggests that neither player wishes to be the last one to contribute. Since the player who contributes first has the advantage of being able to free ride on the contributions of the other players, no player wants to ‘win’ the auction. (shrink)

We show that linear logic can serve as an expressive framework in which to model a rich variety of combinatorial auction mechanisms. Due to its resource-sensitive nature, linear logic can easily represent bids in combinatorial auctions in which goods may be sold in multiple units, and we show how it naturally generalises several bidding languages familiar from the literature. Moreover, the winner determination problem, i.e., the problem of computing an allocation of goods to bidders producing a certain amount of (...) revenue for the auctioneer, can be modelled as the problem of finding a proof for a particular linear logic sequent. (shrink)

The “fair benefits” approach to international research is designed to produce results that all can agree are fair without taking a stand on divisive questions of justice. But its appealing veneer of collaboration masks ambiguities at both a conceptual and an operational level. An attempt to put it into practice would look a lot like an auction, leaving little reason to think the outcomes will satisfy even minimal conditions of fairness.

Each day, a countless number of items is sold through online auction sites such as eBay and Ricardo. Though abuse is being reported more and more, transactions seem to be relatively hassle free. A possible explanation for this phenomenon is that the sites’ reputation mechanisms prevent opportunistic behavior. To analyze this issue, we first summarize and extend the mechanisms that affect the probability of sale of an item and its price. We then try to replicate the results as found (...) in four recent papers on online auctions. Our analyses reveal that (1) it makes sense to differentiate between ‘power sellers’ and the less regular users, (2) there are variables that have an effect on sales that are often not controlled for, (3) one should carefully consider how reputation is operationalized, ( 4) neglecting heteroscedastidty in the data can have serious consequences, and (5) there is some support indicating that effects differ across auction sites. (shrink)

Distinct among contemporary philosophical studies focused on education, this book engages the history of phenomenological thought as it moves from philosophy proper (the European phenomenological-hermeneutic tradition) through curriculum studies. It thus presents the "best of both worlds" for the reader; there is a "play" or movement from philosophy proper to educational philosophy and then back again in order to locate and explicate what is intimated, suggested, and in some cases, left "unsaid" by educational philosophers. This amounts to a work on (...) education-philosophy that elucidates, through various permutations within the unique foci of each essay, the general phenomenological theme of the fundamental ontology of the human being as primordial learner. Reflecting his experience as scholar, teacher, and perennial learner, the author suggests how research in phenomenology might prove beneficial to the enhancement of both the theoretical and practical aspects of education; readers are invited to envision education as far more than merely a means by which to organize an effective learning experience in which knowledge is assimilated and skill sets are efficiently imparted, but rather as a holistic and integrated process in which knowing, acting, and valuing are original ways of Being-in-the-world. (shrink)

Practical and conceptual, the Responsible Research and Innovation set of books contributes to the clarification of this new requirement for all sciences and technological innovation. It covers the multiple and international responsibilities, by using various philosophical resources, mostly discussing the following topics: ethics, contingency, normative economy, freedom, corporate social responsibility (CSR), participative technological evaluation, sustainable development, geoengineering, the precautionary principle, standards, interdisciplinarity, and climate management. The ethics of efficiency must be considered with regard to the logic of action or to (...) economic, political, legal or scientific systems. This book presents a question on the central theme of responsible research and innovation (RRI), which has an ethical influence on effective logics. The issue is to question the opportunity and modularities of an ethical effective influence on the logics of efficiency of research and innovation. From the distinction of efficiency and effectiveness, lies the problem of efficacy, the ethical accord between the two. Thus appears the possibility of taking effective responsibility with respect to systematic injustices potentially linked to this efficiency. This book proposes categories to understand the ethical implications of research and innovation processes, under the aspect of their efficacy. (shrink)

In this innovative book, Gloria Frost reconstructs and analyses Aquinas's theories on efficient causation and causal powers, focusing specifically on natural causal powers and efficient causation in nature. Frost presents each element of Aquinas's theories one by one, comparing them with other theories, as well as examining the philosophical and interpretive ambiguities in Aquinas's thought and proposing fresh solutions to conceptual difficulties. Her discussion includes explanations of Aquinas's technical scholastic terminology in jargon-free prose, as well as background on (...) medieval scientific views - including ordinary language explanations of the medieval physical theories which Aquinas assumed in formulating his views on causation and causal powers. The resulting volume is a rich exploration of a central philosophical topic in medieval philosophy and beyond, and will be valuable especially for scholars and advanced students working on Aquinas and on medieval natural philosophy. (shrink)

Buildings energy consumption is growing gradually and put away around 40% of total energy use. Predicting heating and cooling loads of a building in the initial phase of the design to find out optimal solutions amongst different designs is very important, as ell as in the operating phase after the building has been finished for efficient energy. In this study, an artificial neural network model was designed and developed for predicting heating and cooling loads of a building based on (...) a dataset for building energy performance. The main factors for input variables are: relative compactness, roof area, overall height, surface area, glazing are a, wall area, glazing area distribution of a building, orientation, and the output variables: heating and cooling loads of the building. The dataset used for training are the data published in the literature for various 768 residential buildings. The model was trained and validated, most important factors affecting heating load and cooling load are identified, and the accuracy for the validation was 99.60%. (shrink)

In this paper, we study the auction to allocate an indivisible good when each potential buyer has a private and independent valuation for the item and suffers a negative externality if a competitor acquires it. In that case, the outside option of each buyer is mechanism-dependent, which implies that participation is endogenous. As several works in the literature have shown, the optimal auction entails strong threats to induce full entry and maximal expected revenue. This results from the full (...) commitment assumption, which ensures that threats are credible. We show that absent credible threats, the entry process does not lead to full participation: the equilibrium entails screening of agents in the entry stage and a trade-off between reserve prices and entry fees. Besides, we discuss the conditions under which the impossibility to use threats does not prevent the seller from ensuring a minimal screening and reaching a high expected revenue. (shrink)

The quantum efficiency (QE) of light-induced metastable defect creation in hydrogenated amorphous silicon (a-Si : H) and amorphous As2Se3 (a-As2Se3) by bandgap and subgap illumination has been deduced from photocurrent measurements. The QE decreases with increasing number of absorbed photons. A higher QE for a-As2Se3 than for a-Si : H has been observed and this is interpreted in terms of the higher structural flexibility of a-As2Se3. We have also found that, for both materials, subgap illumination yields a higher QE than (...) does bandgap illumination. (shrink)

In this paper we suggest a model of sequential auctions with endogenous participation where each bidder conjectures about the number of participants at each round. Then, after learning his value, each bidder decides whether or not to participate in the auction. In the calculation of his expected value, each bidder uses his conjectures about the number of participants for each possible subgroup. In equilibrium, the conjectured probability is compatible with the probability of staying in the auction. In our (...) model, players face participation costs, bidders may buy as many objects as they wish and they are allowed to drop out at any round. Bidders can drop out at any time, but they cannot come back to the auction. In particular we can determine the number of participants and expected prices in equilibrium. We show that for any bidding strategy, there exists such a probability of staying in the auction. For the case of stochastically independent objects, we show that in equilibrium every bidder who decides to continue submits a bid that is equal to his value at each round. When objects are stochastically identical, we are able to show that expected prices are decreasing. (shrink)

Ronald Dworkin’s argument for resource egalitarianism has as its centerpiece a thought experiment involving a group of shipwreck survivors washed ashore on an uninhabited island, who decide to divide up all of the resources on the island equally using a competitive auction. Unfortunately, Dworkin misunderstands how the auction mechanism works, and so misinterprets its significance for egalitarian political philosophy. First, he makes it seem as though there is a conceptual connection between the ‘envy-freeness’ standard and the auction, (...) when in fact there is none. Second, he fails to appreciate how idealized the conditions are that must be satisfied in order for his results to obtain. This leads him to draw practical conclusions from the thought experiment that do not follow, such as his claim that the principle of equality generates a presumption in favor of the market as a mechanism for the distribution of resources. The result is that Dworkin saddles resource egalitarianism with a set of commitments that are, in fact, inessential to that view. (shrink)

Business Efficiency and Ethics presents both the theory of business efficiency and ethics, and a wealth of case studies based on practical experience. This unique perspective offers a framework for identifying this behaviour and reestablishing appropriate business behavior standards.

The study aims to identify the efficiency of the university education performance from the perspective of postgraduate and undergraduate students in international and Palestinian universities. The analytical descriptive approach was used for this purpose and the questionnaire was used as a main tool for data collection. The study community consists of: post graduate students, (23850) graduate students and (146355) undergraduate students. The sample of the study was 378 graduate students and 383 undergraduate students. The random stratified sample was used. The (...) Statistical Package of Social Sciences (SPSS) was also used for data analysis. The study reached a number of results, the most important of which are: The level of efficiency of educational performance in Palestinian and international universities from the point of view of postgraduate and undergraduate students was high. And that there are significant differences between the average views of the sample of the study on the efficiency of educational performance in Palestinian and international universities attributed to the University and to the benefit of international universities. The study concluded many recommendations, the most important of which is the necessity of continuing to develop e-learning strategies that affect the efficiency of educational performance and research commensurate with the university's position in the local and international community, which puts it on the best classification between local and international universities through e-learning. (shrink)

This is a systematic evaluation of the main arguments for and against the market as an instrument of social organization, balancing efficiency and justice. It links the distinctive approaches of philosophy and economics to this evaluation.

Efficient markets are alienating if they inhibit us from recognizably caring about one another in our productive activities. I argue that efficient market behaviour is both exclusionary and fetishistic. As exclusionary, the efficient marketeer cannot manifest care alongside their market behaviour. As fetishistic, the efficient marketeer cannot manifest care in their market behaviour. The conjunction entails that efficient market behavior inhibits care. It doesn’t follow that efficient market behavior is vicious: individuals might justifiably commit (...) to efficiency because doing so serves the common good. But efficient market systems nevertheless have significant opportunity costs. The discussion yields a range of desiderata for non-alienated economic organization. (shrink)

Hayek and the Efficient Market Hypothesis are often seen as proposing a similar theory of prices. Hayek is seen as proposing to understand prices as information conveyer, incorporating inform...

In this paper, we criticize the current focus of the bio-based economy (BBE) on efficiency and control and demonstrate the contradictions that this causes. We elucidate these tensions by comparing the BBE to alternative conceptions of economy that emphasise the relevance of both the human condition and unfathomable nature in the macro ecological transition project. From Emmanuel Levinas’s philosophy, we take and extrapolate two major concepts—il y a and enjoyment—that help to re-evaluate the status of both nature and the human (...) subject involved in environmental instability. From this analysis, we evaluate current economic practice in close relation to the deteriorating environment to contribute to a conception of an economy that is truly based on principles of the biosphere. We conclude that humankind and nature are notions that must be always considered in this encompassing and topical effort and explain how they have been fundamentally overlooked in current thought on the bio-based and circular economy. (shrink)

The practical importance of auction theory is widely recognized. Indeed, economists have been recognized for their contribution to the design of several auction-like mechanisms, such as the U. S. Federal Communications Commission spectrum auctions, the 3G auctions in Europe and beyond, and the auction markets for electricity markets around the world. This book provides a step-by-step, self-contained treatment of the theory of auctions. The aim is to provide an introductory textbook that will allow students and readers with (...) a calculus background to work through all the basic results. Coverage includes: the basic independent-private-model; the effects of introducing correlation in valuations on equilibrium behaviour and the seller's expected revenue; mechanism design; and the theory of multi-object auctions. The paperback edition of the text includes a new chapter which acts as a guide to current developments in auction theory. (shrink)

In the face of the recent backlashes against homosexual persons in Africa, on the ground that the phenomenon is un-African and/or threat to procreation and marital values, it is pertinent to review the discourse in the light of how ancient Africans perceived the reality. This is imperative given the lack of consensus on the part of scientists to disinter a conclusive finding on what causes homosexual behaviours among humans. In this research, I employ traditional Yorùbá philosophy to provide a plausible (...) justification for homosexuality among the people. In the face of this justification via Yorùbá folklore, I find that there is no documented evidence among the ancient Yorùbá that is suggestive of discrimination and stigmatization of homosexuals and inter-sex persons. As homosexual persons were respected but not criminalized, this study recommends the regurgitation of this outlook in the contemporaneous dealings with homosexual persons, beginning with the repealing of the Same-Sex Marriage Prohibition Act of 2014 in Nigeria, which is inconsistent with African values and outlooks on the subject. (shrink)

Since its inception, Shannon's information theory has attracted interest for the study of language and music. Recently, a wide range of converging studies have shown how efficient communication pervades language, from phonetics to syntax. Efficient principles imply that more resources should be assigned to highly informative items. For instance, average information content was shown to be a better predictor of word length than frequency, revisiting the famous Zipf's law. However, in spite of the success of the efficient (...) communication framework in the study of language and speech, very little work has investigated its relevance in the analysis of music. Here, we examine the organization of harmonic information in two large corpora of Western music, one made of MIDI files directly sequenced from scores, and the other made of MIDI recordings of live performances of highly skilled piano players. We show that there is a clear positive relationship between (contextual) information content of harmonic sequences and two essential musical properties, namely duration and loudness: the more unexpected a harmonic event is, the longer and the louder it is. (shrink)

ABSTRACT:In this response, I reiterate my argument that price gouging undercuts the goal of equity in access to essential goods whereas Zwolinski emphasizes the importance of the efficient provision of essential goods above all other goals. I agree that the efficient provision of essential goods is important as I argue for the goal of equitable access to sufficient of the goods essential to living a minimally flourishing human life. However, efficiency is a means to this goal rather than (...) the end itself. Finally, I offer additional arguments against the non-worseness claim. (shrink)

The continuous development of information communication technology facilitates the conventional grid in transforming into an automated modern system. Internet-of-Things solutions are used along with the evolving services of end-users to the electricity service provider for smart grid applications. In terms of various devices and machine integration, adequate authentication is the key to an accurate source and destination in advanced metering infrastructure (AMI). Various protocols are deployed to lead the identification between two parties, which require high computation time and communicational bit (...) operations for system development. Therefore, Kerberos-based authentication protocols were designed in this study with the assistance of elliptic curve cryptography to manage the mutual authentication between two parties and reduce the time and bit operations. The protocols were evaluated in a widely adopted tool, AVISPA, which builds an understanding of the proposed protocol and ensures mutual authentication without unauthorized knowledge. In addition, upon comparing security and performance assessments to the current schemes, it was found that the protocol in this study required less time and bits to transmit information. Consequently, it effectively provides multiple security features making it suitable for resource constraint smart meters in AMI. (shrink)