no code implementations • 31 Jan 2023 • Dirk Bergemann, Tibor Heumann, Stephen Morris
With a constant elasticity cost function, constant markup pricing provides the optimal revenue guarantee across all possible distributions of willingness to pay and the lower bound is attained under a Pareto distribution.
no code implementations • 6 Dec 2022 • Dirk Bergemann, Tibor Heumann, Stephen Morris
We consider a general nonlinear pricing environment with private information.
no code implementations • 29 Sep 2020 • Benjamin Golub, Stephen Morris
In coordination games and speculative over-the-counter financial markets, solutions depend on higher-order average expectations: agents' expectations about what counterparties, on average, expect their counterparties to think, etc.
