The English auction is optimal among simple sequential auctions

Article Abstract:

The English auction has been noted as one of the simplest yet most reliable means of maximizing the profit potential of sellers, particularly if an individual is faced with a number of promising buyers. Sellers may be able to exploit the full benefits of English auction by adopting the Simple Sequential Auction (SSA) concept. The primary aim of SSA is to limit the use of feasible selling procedures in a bidding process in order to optimize the auctioneer's profit margin in all incentive-feasible mechanisms. This approach is particularly efficient in auctions where the buyers' signals are strictly affiliated.

Letting of contracts, Competitive bidding, Selling, Auctions

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Money is memory

Article Abstract:

Money is found to be equivalent to the primitive form of memory in environments where a large class of economic environments are available and which commitment is impossible. Memory is defined as agent knowledge of other agents' histories who are contacts while money is what is available in fixed amounts and is not used for utility of production. Money can take on the functions of memory in an environment where money allocation is probable.

Reports, Economic research, Money, Memory

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A simple cycle preserving extension of a demand function

Article Abstract:

Peters and Wakker's work on extending Gale and Shafer's revealed preference theory to more than three commodities is proven. The Strong Axiom of Revealed Performance is violated by the demand function.

Demand functions (Economics), Demand functions

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