Estimation and Comparison of Treasury Auction Formats when Bidders are Asymmetric.

The structural parameters of a share-auction model accounting for asymmetry across bidders, as well as supply uncertainty are estimated with a sample of French Treasury auctions. We find evidence of both informational and risk aversion asymmetries between bidders. A counter-factual analysis also suggests that, in the context of the French Treasury auctions, a shift from the discriminatory to the uniform-price format would simultaneously benefit the French Treasury and the auction's participants.

A Portfolio Approach for the New Zealand Multi-Species Fisheries Management

Marine species are reproducible resource. Maintaining the stock level of marine species and the sustainability of fisheries development become critical issues in current scientific research areas due to the explosion of human population and exacerbation of natural environment. The traditional method that protects the marine species is the single species approach which set maximum sustainable yield (MSY) to prevent over-harvest. However, with the development of technology and comprehension of marine science, the single species approach has been found obsolete and incapable of dealing with problems of severe depletion of fish stocks and escalation of fisheries confliction. Studies show that when regulations are species specific and species are part of a multi-species fisheries, the catch levels of different species are correlated which result in correlation of net return from each species. This paper employ financial portfolio into fisheries, treat fish stocks as assets, model the fishers’ behaviour who face multiple targeting options to predict the optimal targeting strategies. This methodology is applied to New Zealand fisheries that are managed in Quota Management System (QMS) introduced in 1986. Species considered in this research are selected carefully based on two criteria. Efficient risk-return frontier will be generated that provides a combination of optimal strategies. Comparison between results and actual data will be presented. Potential explanations will be given so that further suggestions to fisheries can be made.Agribusiness, Environmental Economics and Policy, Production Economics, Productivity Analysis, Risk and Uncertainty,

Identification in Empirical Games

No abstract.

The Role of Framing, Inequity and History in a Corruption Game: Some Experimental Evidence

We investigate the role of framing, inequity in initial endowments and history in shaping behavior in a corrupt transaction by extending the one-shot bribery game introduced by Cameron et al. (2009) to a repeated game setting. We find that the use of loaded language significantly reduces the incidence of bribery and increases the level of punishment. Punishment of bribery leads to reduced bribery in future. The evidence suggests that this game captures essential features of a corrupt transaction, over and above any sentiments of inequity aversion or negative reciprocity However, showing subjects the history of past play has little effect on the level of corruption

A Portfolio Approach for the New Zealand Multi-Species Fisheries Management

Marine species are reproducible resource. Maintaining the stock level of marine species and the sustainability of fisheries development become critical issues in current scientific research areas due to the explosion of human population and exacerbation of natural environment. The traditional method that protects the marine species is the single species approach which set maximum sustainable yield (MSY) to prevent over-harvest. However, with the development of technology and comprehension of marine science, the single species approach has been found obsolete and incapable of dealing with problems of severe depletion of fish stocks and escalation of fisheries confliction. Studies show that when regulations are species specific and species are part of a multi-species fisheries, the catch levels of different species are correlated which result in correlation of net return from each species. This paper employ financial portfolio into fisheries, treat fish stocks as assets, model the fishers’ behaviour who face multiple targeting options to predict the optimal targeting strategies. This methodology is applied to New Zealand fisheries that are managed in Quota Management System (QMS) introduced in 1986. Species considered in this research are selected carefully based on two criteria. Efficient risk-return frontier will be generated that provides a combination of optimal strategies. Comparison between results and actual data will be presented. Potential explanations will be given so that further suggestions to fisheries can be made