Efficiency Guarantees in Auctions with Budgets

In settings where players have a limited access to liquidity, represented in the form of budget constraints, efficiency maximization has proven to be a challenging goal. In particular, the social welfare cannot be approximated by a better factor then the number of players. Therefore, the literature has mainly resorted to Pareto-efficiency as a way to achieve efficiency in such settings. While successful in some important scenarios, in many settings it is known that either exactly one incentive-compatible auction that always outputs a Pareto-efficient solution, or that no truthful mechanism can always guarantee a Pareto-efficient outcome. Traditionally, impossibility results can be avoided by considering approximations. However, Pareto-efficiency is a binary property (is either satisfied or not), which does not allow for approximations. In this paper we propose a new notion of efficiency, called \emph{liquid welfare}. This is the maximum amount of revenue an omniscient seller would be able to extract from a certain instance. We explain the intuition behind this objective function and show that it can be 2-approximated by two different auctions. Moreover, we show that no truthful algorithm can guarantee an approximation factor better than 4/3 with respect to the liquid welfare, and provide a truthful auction that attains this bound in a special case. Importantly, the liquid welfare benchmark also overcomes impossibilities for some settings. While it is impossible to design Pareto-efficient auctions for multi-unit auctions where players have decreasing marginal values, we give a deterministic $O(\log n)$-approximation for the liquid welfare in this setting

Market Power and Collusion on Interconnection Phone Market in Tunisia : What Lessons from International Experiences

We try in this paper to characterize the state of mobile phone market in Tunisia. Our study is based on a survey of foreign experience (Europe) in detecting collusive behavior and a comparison of the critical threshold of collusion between operators in developing countries like Tunisia. The market power is estimated based on the work of Parker Roller (1997) and the assumption of "Balanced Calling Pattern". We use then the model of Friedman (1971) to compare the critical threshold of collusion. We show that the "conduct parameter" measuring the intensity of competition is not null during the period 1993-2011. Results show also that collusion is easier on the Tunisian market that on the Algerian, Jordanian, or Moroccan one

Climatic and palaeoceanographic changes during the Pliensbachian (Early Jurassic) 2 inferred from clay mineralogy and stable isotope (C-O) geochemistry (NW Europe)

This is the author accepted manuscript. The final version is available from the publisher via the DOI in this record.Available online 17 January 2017The Early Jurassic was broadly a greenhouse climate period that was punctuated by short warm and cold climatic events, positive and negative excursions of carbon isotopes, and episodes of enhanced organic matter burial. Clay minerals from Pliensbachian sediments recovered from two boreholes in the Paris Basin, are used here as proxies of detrital supplies, runoff conditions, and palaeoceanographic changes. The combined use of these minerals with ACCEPTED MANUSCRIPT ACCEPTED MANUSCRIPT stable isotope data (C-O) from bulk carbonates and organic matter allows palaeoclimatic reconstructions to be refined for the Pliensbachian. Kaolinite/illite ratio is discussed as a reliable proxy of the hydrological cycle and runoff from landmasses. Three periods of enhanced runoff are recognised within the Pliensbachian. The first one at the SinemurianPliensbachian transition shows a significant increase of kaolinite concomitant with the negative carbon isotope excursion at the so-called Sinemurian Pliensbachian Boundary Event (SPBE). The Early/Late Pliensbachian transition was also characterised by more humid conditions. This warm interval is associated with a major change in oceanic circulation during the Davoei Zone, likely triggered by sea-level rise; the newly created palaeogeography, notably the flooding of the London-Brabant Massif, allowed boreal detrital supplies, including kaolinite and chlorite, to be exported to the Paris Basin. The last event of enhanced runoff occurred during the late Pliensbachian (Subdonosus Subzone of the Margaritatus Zone), which occurred also during a warm period, favouring organic matter production and preservation. Our study highlights the major role of the London Brabant Massif in influencing oceanic circulation of the NW European area, as a topographic barrier (emerged lands) during periods of lowstand sea-level and its flooding during period of high sea-level. This massif was the unique source of smectite in the Paris Basin. Two episodes of smectite-rich sedimentation (‘smectite events’), coincide with regressive intervals, indicating emersion of the London Brabant Massif and thus suggesting that an amplitude of sea-level change high enough to be linked to glacio-eustasy. This mechanism is consistent with sedimentological and geochemical evidences of continental ice growth notably during the Latest Pliensbachian (Spinatum Zone), and possibly during the Early Pliensbachian (late Jamesoni/early Ibex Zones).The study was supported by the “Agence Nationale pour la Gestion des Déchets Radioactifs” (Andra––French National Radioactive Waste Management Agency)

Desarrollo del aparato digestivo en pollos Campero INTA alimentados con poroto mucuna (Stizolobium deeringianum)

Las leguminosas tropicales se utilizan en los sistemas de producción alternativos para la alimentación de aves. En el presente trabajo se evaluó el efecto de la incorporación de harina de poroto mucuna (Stizolobium deeringianum) en el alimento terminador, sobre el desarrollo del aparato digestivo en pollos Campero INTA. La dieta control se elaboró en base a maíz, soja y una premezcla de vitaminas y minerales; en la dieta de prueba el poroto mucuna reemplazó parcialmente a la harina de soja. El análisis comparativo se realizó mediante ANOVA en un arreglo factorial, operando el sexo y tipo de alimento como efectos principales. No se constataron interacciones significativas entre los distintos niveles de ambos factores para las variables dependientes analizadas. Se constataron diferencias significativas para peso relativo del tracto gastrointestinal con valores de 6,62±0,62 y 7,33±0,59% para las dietas control y mucuna respectivamente. El peso relativo del estómago muscular registró diferencias estadísticas significativas con valores de 2,56±0,45 y 3,06±0,46% para las dietas control y mucuna respectivamente. Se demostraron correlaciones positivas y significativas entre el peso relativo del tracto gastrointestinal y del estómago glandular (r=0,82; p=0,01) e intestino delgado (r=0,72; p=0,04) en el grupo control. En este grupo experimental el estómago glandular correlacionó en forma positiva y significativa con el peso del intestino delgado (r=0,93; p=0,0007). En el grupo alimentado con mucuna se registró una correlación positiva y significativa entre el peso relativo del tracto gastrointestinal y del estómago muscular (r=0,79; p=0,02). Se concluye que la incorporación de poroto mucuna produce un incremento en el peso relativo del tracto gastrointestinal. Teniendo en cuenta que dicho poroto podría emplearse en pollos como fuente alternativa de proteínas, se considera necesario profundizar los estudios sobre los métodos de eliminación de sus factores antinutricionales, para una más segura utilización práctica

Random allocation of blastomere descendants to the trophectoderm and ICM of the bovine blastocyst

The first lineage specification during mammalian embryo development can be visually distinguished at the blastocyst stage. Two cell lineages are observed on the embryonic-abembryonic axis of the blastocyst: the inner cell mass and the trophectoderm. The timing and mechanisms driving this process are still not fully understood. In mouse embryos, cells seem prepatterned to become certain cell lineage because the first cleavage plane has been related with further embryonic-abembryonic axis at the blastocyst stage. Nevertheless, this possibility has been very debatable. Our objective was to determine whether this would be the case in another mammalian species, the bovine. To achieve this, cells of in vitro produced bovine embryos were traced from the 2-cell stage to the blastocyst stage. Blastocysts were then classified according to the allocation of the labeled cells in the embryonic and/or abembryonic part of the blastocyst. Surprisingly, we found that there is a significant percentage of the embryos (∼60%) with labeled and nonlabeled cells randomly distributed and intermingled. Using time-lapse microscopy, we have identified the emergence of this random pattern at the third to fourth cell cycle, when cells started to intermingle. Even though no differences were found on morphokinetics among different embryos, these random blastocysts and those with labeled cells separated by the embryonic-abembryonic axis (deviant pattern) are significantly bigger; moreover deviant embryos have a significantly higher number of cells. Interestingly, we observed that daughter cells allocation at the blastocyst stage is not affected by biopsies performed at an earlier stage

THE COST STRUCTURE OF MICROFINANCE INSTITUTIONS IN EASTERN EUROPE AND CENTRAL ASIA

Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the performance of MFIs operating in Eastern Europe and Central Asia. A cost function is estimated for MFIs in the region from 1999-2004. First, the presence of subsidies is found to be associated with higher MFI costs. When output is measured as the number of loans made, we find that MFIs become more efficient over time and that MFIs involved in the provision of group loans and loans to women have lower costs. However, when output is measured as volume of loans rather than their number, this last finding is reversed. This may be due to the fact that such loans are smaller in size; thus for a given volume more loans must be made.http://deepblue.lib.umich.edu/bitstream/2027.42/40195/3/wp809.pd

Viable tax constitutions

Taxation is only sustainable if the general public complies with it. This observation is uncontroversial with tax practitioners but has been ignored by the public finance tradition, which has interpreted tax constitutions as binding contracts by which the power to tax is irretrievably conferred by individuals to government, which can then levy any tax it chooses. However, in the absence of an outside party enforcing contracts between members of a group, no arrangement within groups can be considered to be a binding contract, and therefore the power of tax must be sanctioned by individuals on an ongoing basis. In this paper we offer, for the first time, a theoretical analysis of this fundamental compliance problem associated with taxation, obtaining predictions that in some cases point to a re-interptretation of the theoretical constructions of the public finance tradition while in others call them into question