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Spectrum auctions are used by governments to assign and price licenses for wireless communications. The standard approach is the simultaneous ascending auction, in which many related lots are auctioned simultaneously in a sequence of rounds. I analyze the strengths and weaknesses of the approach with examples from US spectrum auctions. I then present a variation-the combinatorial clock auctionwhich has been adopted by the UK and many other countries, which addresses many of the problems of the simultaneous ascending auction while building on its strengths. The combinatorial clock auction is a simple dynamic auction in which bidders bid on packages of lots. Most importantly, the auction allows alternative technologies that require the spectrum to be organized in different ways to compete in a technologyneutral auction. In addition, the pricing rule and information policy are carefully tailored to mitigate gaming behavior. An activity rule based on revealed preference promotes price and assignment discovery throughout the clock stage of the auction. Truthful bidding is encouraged, which simplifies bidding and improves efficiency. Experimental tests and early auctions confirm the advantages of the approach.

Within the context of broad literature on cross-border flows for higher education, this article examines the distinctive case of mainland Chinese students in Hong Kong and Macau. These territories are a sort of bridge between the fully domestic and the fully international. Hong Kong and Macau higher education plays a dual role, as a destination in itself for higher education and as a stepping-stone for students' further international development. Patterns in Hong Kong are slightly different from those in Macau, and the territories may thus be usefully compared with each other as well as taken as a pair for comparison with other parts of the world. The paper begins by noting the literature on the ways that push and pull factors influence student mobility, and then turns to motivations in pursuit of academic and professional growth, economic benefit, individual internationalisation, and enhanced social status. The paper shows that flows of mainland Chinese students are driven by both excess and differentiated demand. Analysis of the distinctive features of this pair of territories adds to wider conceptual understanding of the nature of cross-border flows for higher education. (HRK / Abstract übernommen).

Employers often rely on informal controls such as trust to motivate organizationally desirable behaviors from their workers by appealing to the latter's reciprocity. Notably, trust and reciprocity can promote a \"gift exchange\" between employers and workers. Using an experiment, I investigate whether labor market competition moderates the emergence of a gift exchange in labor markets in which signing bonus offers serve as a potential signal of trust and the duration of the employment relationship is endogenously determined. I find that offering a signing bonus more positively affects both workers' beliefs about the employer's trust in them and their effort when there is an excess supply of workers than when there is an excess demand for workers. I also find that the initial effects of signing bonuses may not persist over time. Additional analyses suggest that both employers' and workers' expectations may affect whether and how trust and reciprocity develop over time.

We theoretically analyze the optimal tariff problem that arises in a large country with market power. By using a model with more than two traded goods, we derive (1) the condition for optimal import tariff rates to be ranked, and (2) the condition under which the optimum import tariff becomes uniform. These conditions are established in a three-good model and in an N-good model. The results are evaluated on the basis of compensated excess demand elasticity, and hence do not require information on income effects.

The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market-using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region's banking system.

In a two-sector endogenous growth model with learning by doing and intersectoral knowledge spillovers, we associate local dynamics with the slope of the excess demand curve for a consumption good. Factor intensity determines the income effect, which governs dynamics.

Although momentum strategies result in abnormal profitability, thereby challenging the efficient market hypothesis (EMH), concerns persist regarding their reliability due to their significant volatility and susceptibility to substantial losses. In this study, we investigate the limitations of these strategies and propose a solution. Our literature review reveals that the volatile profits are due to statistical analyses that assume the persistence of past patterns, leading to unreliable results in out-of-sample scenarios when underlying mechanisms evolve. Statistical analysis, the predominant method in financial economics, often proves inadequate in explaining market fluctuations and predicting crashes. To overcome these limitations, a paradigm shift towards dynamic approaches is essential. Drawing inspiration from three groundbreaking economists, we introduce the extended Samuelson model (ESM), a dynamic model that connects price changes to market participant actions. This paradigm transition uncovers several significant findings. First, timely signals indicate momentum initiations, cessations, and reversals, validated using S&P 500 data from 1999 to 2023. Second, ESM predicts the 1987 Black Monday crash weeks in advance, offering a new perspective on its underlying cause. Third, we classify sequential stock price data into eight distinct market states, including their thresholds for transitions, laying the groundwork for market trend predictions and risk assessments. Fourth, the ESM is shown to be a compelling alternative to EMH, offering potent explanatory and predictive power based on a single, realistic assumption. Our findings suggest that ESM has the potential to provide policymakers with proactive tools, enabling financial institutions to enhance their risk assessment and management strategies.

A standard problem in operations literature is optimal stocking of substitutable products. We consider a consumer-driven substitution problem with an arbitrary number of products under both centralized inventory management and competition. Substitution is modeled by letting the unsatisfied demand for a product flow to other products in deterministic proportions. We obtain analytically tractable solutions that facilitate comparisons between centralized and competitive inventory management under substitution. For the centralized problem we show that, when demand is multivariate normal, the total profit is decreasing in demand correlation.

This paper analyzes communication with a language that is vague in the sense that identical messages do not always result in identical interpretations. It is shown that strategic agents frequently add to this vagueness by being intentionally vague, i.e. they deliberately choose less precise messages than they have to among the ones available to them in equilibrium. Having to communicate with a vague language can be welfare enhancing because it mitigates conflict. In equilibria that satisfy a dynamic stability condition intentional vagueness increases with the degree of conflict between sender and receiver.

\"Monopsonistic wage-setting power requires that the supply of labor directed toward individual establishments is upward sloping. This study utilizes institutional features to identify the supply curve. The elasticity of labor supply is estimated using data for the Norwegian teacher labor market in a period where the only variation in the wage level was determined centrally and with information on whether there is excess demand or not at the school level. In fixed-effects models, the supply elasticity faced by individual schools is estimated to about 1.4 and is in the range 1.0 - 1.9 in different model specification.\" Die Untersuchung enthält quantitative Daten. Forschungsmethode: Fallstudie; Aktenanalyse; empirisch; empirisch-quantitativ. Die Untersuchung bezieht sich auf den Zeitraum 1995 bis 2001. (author's abstract, IAB-Doku).