Search results for "auction"
showing 10 items of 40 documents
L'impact de l'information sur le résultat d'une vente aux enchères expérimentale de vin
2005
This paper reports the results of an experimental wine auction. Participants of the experiment were randomly assigned to three rooms. In each room four wines had to be evaluated, but the level of information to which participants had access differed across rooms. After the evaluations, the wines were sold sequentially, by four separate Vickrey auctions with secret reservation prices. We fi nd that certain socio-economic characteristics such as gender, income and consumption habits, have a signifi cant impact on the willingness to pay for wine, while others such as age and nationality, do not. We also fi nd that once individuals have read the label characteristics and extracts from wine guid…
Brokers in the tea trade between China and West Africa
2021
Brokers have played important roles in the trade of green tea between China and Mali, from the 19th century when tea first came to Mali up to the present. They mediate between tea buyers and sellers, work on their own account, use soft skills, knowledge and networks and make a living from the commission they gain. This article examines the work of brokers in the tea trade, the social constellations in which they are active and the scope of their activity. Based on extensive field research in Mali and China, this article shows how brokers create their own jobs in a dynamic business landscape, which is often delimited by governmental policies, competing entrepreneurial activities and social …
A Simulation Analysis of the Microstructure of an Order Driven Financial Market with Multiple Securities and Portfolio Choices
2005
In this paper we propose an artificial market where multiple risky assets are exchanged. Agents are constrained by the availability of resources and trade to adjust their portfolio according to an exogenously given target portfolio. We model the trading mechanism as a continuous auction order-driven market. Agents are heterogeneous in terms of desired target portfolio allocations, but they are homogeneous in terms of trading strategies. We investigate the role played by the trading mechanism in affecting the dynamics of prices, trading volume and volatility. We show that the institutional setting of a double auction market is sufficient to generate a non-normal distribution of price changes…
Revista electrónica de investigación y evaluación educativa
2014
La Economía Experimental ha desarrollado diferentes experimentos que pueden ser aprovechados como una actividad docente en la enseñanza de la Economía. Su naturaleza activa y participativa motiva a los alumnos y estimula la reflexión y la mejor comprensión de algunos fenómenos económicos como el funcionamiento de los mercados, donde los resultados individuales dependen del conjunto de las decisiones de los agentes y de sus interacciones. Los experimentos económicos tienen ya una larga tradición, y han proporcionado resultados espectaculares y conclusiones ampliamente admitidas sobre la dinámica de mercados y el efecto de las instituciones económicas. Las nuevas tecnologías facilitan la real…
Impact of the information provided to consumers on their willingness to pay for Champagne : comparison with hedonic scores
2002
International audience; L'étude a été effectuée afin de comparer deux mécanismes destinés à révéler les préférences des consommateurs : une enchère Vickrey qui mesure la disposition à payer, et un test hédonique classique. A travers ces deux méthodes, l'objectif était d'estimer les effets respectifs des caractéristiques sensorielles et de l'information externe sur l'évaluation de cinq champagnes brut non millésimés. Cent-ving-trois consommateurs ont été assignés au hasard aux deux groupes et ont utilisé l'une des méthodes. Quelle que soit la méthode, ils ont évalué les champagnes à l'aveugle, puis sur la base d'une présentation des bouteilles et, enfin, après l'observation de la bouteille e…
Energy efficient resource allocation in heterogeneous software defined network: A reverse combinatorial auction approach
2015
In this paper, resource allocation for energy effi- ciency in heterogeneous Software Defined Network (SDN) with multiple network service providers (NSPs) is studied. The considered problem is modeled as a reverse combinatorial auction game, which takes different quality of service (QoS) requirements into account. The heterogeneous network selection associated with power allocation problem is optimized by maximizing the energy efficiency of data transmission. By exploiting the properties of fractional programming, the resulting non-convex Winner Determination Problem (WDP) is transformed into an equivalent subtractive convex optimization problem. The proposed reverse combinatorial auction ga…
Ricardo Madrazo. Un intermediario en el mercado de antigüedades
2019
Ricardo Federico Madrazo Garreta (1852-1917), fue un activo asesor e intermediario en el mercado del coleccionismo. Miembro del clan Madrazo y discípulo de su cuñado Mariano Fortuny, se relacionó desde joven con personajes destacados en el ambiente artístico e intelectual de la época. Profundizaremos en esta faceta del artista a través de las relaciones que mantuvo con coleccionistas como José Pascó, Archer Milton Huntington o la familia Havemeyer. Su correspondencia, consultada en diversas instituciones, nos servirá para reconstruir el funcionamiento del mercado de antigüedades desde una perspectiva más privada: un modus operandi que algunos coleccionistas utilizaban para conseguir mejores…
Liquidación de la sociedad de gananciales: el caso de la adjudicación forzosa de participaciones sociales de carácter ganancial a un solo cónyuge. Co…
2021
In a liquidation of community property, the rules for the partition of the inheritance are of suppletive application. Therefore, the sentence opts for a criterion of flexible interpretation of those rules, whose application will be subject to the objective entity of the property in question. Accordingly, when the only property to be shared between the spouses is constituted by set of shares of common nature, taking into account the special circumstances of the case, such shares could be awarded to one of the spouses with the obligation to compensate the other in money, even if it requests the sale of the shares in the public auction. To this end, the request would have to impede the possibi…
Colección Fortuny. Patrimonio textil en la subasta Drouot de 1875
2018
La colección de tejidos antiguos de Mariano Fortuny Marsal (1838-1874) salió a la venta en la subasta del Hôtel Drouot de París, pocos meses después de la temprana muerte del pintor. El estudio de varios catálogos manuscritos nos ha servido para conocer los precios y compradores de cada una de las referencias. Estos datos nos han permitido realizar un estudio comparativo entre diferentes categorías. Se ha realizado un análisis de la tipología de las piezas, según su valoración en el mercado, para establecer los aspectos que influyeron en la cotización de las mismas. The collection of antique fabrics of Mariano Fortuny Marsal (1838-1874) went on sale at the auction of the Hôtel Drouot in Par…
The Relevance of Bargaining for the Licensing of a Cost-reducing Innovation*
2001
In the context of a Cournot duopoly, this paper studies the licensing of a cost-reducing innovation by means of three possible allocation mechanisms: auction, fixed fee, and direct negotiation. Once the use of an arbitrary reserve price (which is not credible) has been excluded, it is no longer true that auction always yields higher profit to the patentee than a fixed fee. However, the authors propose a direct negotiation mechanism which restores the patentee’s profit to the level of an auction with an arbitrary reserve price (which is unimplementable). Direct negotiation is superior to both an auction with a nonarbitrary reserve price and a fixed fee. From the social point of view, however…