Speculation in First-Price Auctions with Resale

We analyze first-price auctions with two asymmetric bidders, where the winner can offer the good for resale to the loser. One bidder has a private value for the good, the other bidder - the speculator - has zero value. We show that, independently of the resale market rules, the speculator's expected profit equals zero. Nevertheless, the opportunity for resale can create a role for an active speculator, destroy the efficiency of the auction, and increase the initial seller's expected revenue.first-price auction, speculation, resale

Speculation in Second-Price Auctions with Resale

This paper contributes to the literature on second-price auctions with resale. We add speculators---bidders with value zero---to the standard symmetric independent private values environment. There always exists a continuum of inefficient equilibria that are profitable for a speculator. With no reserve price in the initial auction, speculation can enhance the initial seller's expected revenue. On the other hand, speculation can harm the initial seller even if she chooses an optimal reserve price. Our results are valid for English auctions as well.speculation, second-price auction, resale

Speculation in Standard Auctions with Resale

We analyze the role resale creates for zero-value bidders, called speculators, in standard auctions with symmetric independent private values buyers. English/second-price auctions always have equilibria with active resale markets and positive profits for a speculator. In first- price/Dutch auctions, the unique equilibrium can involve an active resale market, but is never profitable for a speculator. In all standard auctions, allowing resale can increase the initial seller's revenue and lead to an inefficient allocation. First-price and second-price auctions are not revenue equivalent.first-price, second-price, English, Dutch auctions, speculation, resale, efficiency

Granin - Derived Peptides in the Eye

The granins are the acidic proteins of secretory granules and there exist three main members of this family, in particular chromogranin A, chromogranin B and secretogranin II. These proteins are widely distributed throughout neuroendocrine tissues and are stored in large dense core vesicles in neuronal cells. Their functional role is not fully clear but it seems that they might play an important role in the formation of secretory granules. Furthermore, the primary amino acid sequence of the granins features many pairs of basic amino acids and these pairs together with monobasic residues are targets of enzymes which proteolytically process the proteins, in particular the prohormone convertases 1 and 2. Thus the granins might be precursors of smaller fragments and they are indeed cleaved

Une exception française

L’originalité de la formation professionnelle initiale en France provient de ce qu’elle est largement assurée par le système scolaire et qu’elle est sanctionnée par des diplômes nationaux correspondant à des niveaux de qualification reconnus sur le marché du travail. Ce système est aujourd’hui l’objet de quelques interrogations sur les capacités d’adaptation immédiate aux réalités de l’entreprise des élèves ainsi formés ainsi que sur l’image de cet enseignement en France. Le récent concept de « lycée des métiers » s’efforce d’y répondre.France’s unique approach to initial vocational training is founded upon its reliance upon the school system and on the establishment of national diplomas which correspond to labour market qualifications. Concerns are being raised about the system’s ability to ensure the employability of young people and on the reputation of vocational training in France. The lycée des metiers initiative is an example of the solutions being brought in this area.La originalidad de la formación profesional inicial en Francia proviene de que ella está ampliamente asegurada por el sistema escolar y de que es sancionada por los diplomas nacionales correspondientes a los niveles de calificación reconocidos por el mercado de trabajo. Este sistema es hoy el objeto de algunas interrogantes sobre las capacidades de adaptación inmediata a las realidades de la empresa por parte de los alumnos formados, así como sobre la imagen de esta enseñanza en Francia. El concepto reciente de « liceo de oficios » se esfuerza por responder a esto