Optimal Auctions with Financially Constrained Bidders

We consider an environment where potential buyers of an indi- visible good have liquidity constraints, in that they cannot pay more than their `budget' regardless of their valuation. A buyer's valuation for the good as well as her budget are her private information. We derive constrained-efficient and revenue maximizing auctions for this setting. In general, the optimal auction requires `pooling' both at the top and in the middle despite the maintained assumption of a mono- tone hazard rate. Further, the auctioneer will never¯find it desirable to subsidize bidders with low budgets.the universal type space, the strategic topology; the uniform strategic topology; the uniform-weak topology; interim correlated rationalizable actions

Revisiting the Meaning of Leadership

During the past fifty years, organizational scholarship on leadership has shifted from a focus on the significance of leadership for meaning-making to the significance of leadership for economic performance. This shift has been problematic for two reasons. First, it has given rise to numerous conceptual difficulties that now plague the study of leadership. Second, there is now comparatively little attention to the question of how individuals find meaning in the economic sphere even though this question should arguably be one of the most important questions for organizational scholarship. This chapter discusses several reasons for the shift, arguing that one of the most important has been the lack of a clear definition and operationalization of meaningful economic activity. As a first step to redressing this shift, we offer a definition and operationalization of meaningful action, and we propose a typology of executive behaviors as a foundation for a systematic exploration of the meaning-making capacity of leaders. We conclude with a discussion of the relationship between the capacity of leaders to infuse meaning and the capacity of leaders to impact on performance

Suppression of Conductance in a Topological Insulator Nanostep Junction

We investigate quantum transport via surface states in a nanostep junction on the surface of a 3D topological insulator that involves two different side surfaces. We calculate the conductance across the junction within the scattering matrix formalism and find that as the bias voltage is increased, the conductance of the nanostep junction is suppressed by a universal factor of 1/3 compared to the conductance of a similar planar junction based on a single surface of a topological insulator. We also calculate and analyze the Fano factor of the nanostep junction and predict that the Fano factor saturates at 1/5, five times smaller than for a Poisson process

Novel black hole bound states and entropy

We solve for the spectrum of the Laplacian as a Hamiltonian on $\mathbb{R}^{2}-\mathbb{D}$ and in $\mathbb{R}^{3}-\mathbb{B}$. A self-adjointness analysis with $\partial\mathbb{D}$ and $\partial\mathbb{B}$ as the boundary for the two cases shows that a general class of boundary conditions for which the Hamiltonian operator is essentially self-adjoint are of the mixed (Robin) type. With this class of boundary conditions we obtain "bound state" solutions for the Schroedinger equation. Interestingly, these solutions are all localized near the boundary. We further show that the number of bound states is finite and is in fact proportional to the perimeter or area of the removed \emph{disc} or \emph{ball}. We then argue that similar considerations should hold for static black hole backgrounds with the horizon treated as the boundary.Comment: 13 pages, 3 figures, approximate formula for energy spectrum added at the end of section 2.1 along with additional minor changes to comply with the version accepted in PR