Efficient Partnership Dissolution under Buy/Sell Clauses

When a partnership comes to an end partners have to determine the terms of the dissolution. A well known way to do so is by enforcing a buy/sell option. Under its rules one partner has to offer a price for the partnership and the other agent can choose whether she wants to sell her share or buy her partner's share at this price. It is well known that in a model with private valuations this dissolution rule may generate inefficient allocations. However, we here show that if partners negotiate for the advantage of being chooser, then this buy/ sell provision results in an ex-post efficient outcome. This result helps to explain why such provisions are so widely introduced in partnership contractsmechanism design, partnerships

Optimal Structure and Dissolution of Partnerships

We derive the optimal incentive compatible and individually rational mechanisms to reallocate arbitrary given ownership shares among a set of agents. These mechanisms are optimal in the sense that they maximize social surplus of the final allocation subject to the aforementioned constraints and a revenue constraint. We allow for the agents' types to be drawn from non-identical distributions and for interdependent values. Because outside options are type dependent, the critical types for which individual rationality binds must be determined simultaneously with the allocation rule. We show that optimality uniquely pins down the set of critical types, which allows us to fully characterize the optimal mechanisms. Moreover, we find that the value function is Schur-concave in ownership shares when types are identically distributed, so that more symmetric shares are better irrespective of size of the revenue constraint

On-line determination of acetic acid in a continuous production of acetobacter aceticus

A flow injection system for the determination of acetic acid in the 10-60 mM range was conceived and optimized on basis of the coupled reactions of acetate kinase/pyruvate kinase/lactate dehydrogenase. The enzymes were immobilized in series, reagent mixture containing PEP, ATP and NADH was pulsed into the analyte stream, and the decrease of the NADH absorption was determined. One injection cycle was performed within 90 s. Two identical parallel enzyme lines were installed, one of them being in use while the other was calibrated. Automated calibration, control of sample dilution, compensation for enzyme activity loss, the switching between the two enzyme lines and the control of all instruments were performed by an appropriate computer system. The analysis of vinegar samples resulted correct and reliable results. The semi-automated control of continuous vinegar production of 60 h yielded very satisfactory results in the range of 0.5-1.5 M after 40-fold dilution and was more reliable tha n the reference HPLC method. The extension of the analysis system to higher concentration ranges still demands an optimization of the dilution method. In total, the enzyme-based FIA for continuous acetic acid determination seems to be a very usefull and reliable method

PEG-NAD* IN AMPEROMETRIC DEHYDROGENASE ELECTRODES WITH COENZYME RECYCLING

A new method for the synthesis of PEG-NAD* via activation of PEG with carbonyldiimidazole is described; a very stable non-dialysable and biologically active coenzyme derivative is obtained. In compact amperometric dehydrogenase electrodes this coenzyme derivative, physically entrapped with the dehydrogenase and placed in proximity to a modified graphite electrode surface, leads to enzyme deactivation and extraction of the catalyst. Therefore electrodes with low response and short lifetime result. In addition the response of these electrodes is dominated by the very high diffusion coefficient and the high viscosity of its solution. Possibilities to overcome these problems are discussed

Labour market recruiting with intermediaries

Matching, Multi-item auctions, Sequential auctions, C78, D44, E24, J41,