The illiquidity of water markets

José-Antonio Espín-Sánchez, Javier Donna, 2 February 2014

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Seventy per cent of fresh water consumption worldwide is used for irrigation, and water is becoming increasingly scarce in regions such as India, Latin America and, more recently, the US (Barnett et al. 2005). Water markets are emerging as a solution to this scarcity (Grafton et al. 2011).

Topics: Economic history
Tags: auctions, liquidity constraints, quotas, water markets

Limited attention costs: Sometimes driving a mile costs $200

Nicola Lacetera, Devin Pope, Justin Sydnor, 20 May 2011

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Imagine that you are in the process of buying a used car. You are considering a three-year-old Honda Accord, with 42,187 miles, and a five-year-old Toyota Camry, with 67,812 miles.

Now, close your eyes and try to remember the exact mileage of the two cars.

Topics: Frontiers of economic research
Tags: auctions, decision making, memory

Central bank liquidity and “toxic asset” auctions

Paul Klemperer, 25 September 2009

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The crisis began in early August 2007, and a bank run led to Northern Rock’s collapse in mid-September. The Bank of England wanted urgently to supply liquidity to banks and was therefore willing to accept a wider-than-usual range of collateral, but it wanted a correspondingly higher interest rate against any weaker collateral it took.

Topics: Financial markets, Global crisis
Tags: auctions, global crisis, toxic assets

Designing internet auctions

Paul Milgrom interviewed by Romesh Vaitilingam, 5 Dec 2008

Paul Milgrom of Stanford University talks to Romesh Vaitilingam about the application of auction theory, focusing particularly on the world’s most frequently used auction – the sponsored-search auction employed by many internet search engines. The interview was recorded at the annual congress of the European Economic Association in Budapest in August 2007.

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Topics: Frontiers of economic research
Tags: auctions, internet, sponsored-search auction

Auction greenhouse emission rights with targeted compensation

Lans Bovenberg, Herman Vollebergh, 17 September 2008

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The current system for tradable carbon emission permits in Europe suffers from severe shortcomings. EU member states hand out these permits without charge using criteria that result in perverse behavioural effects. For instance, some member states distribute permits based on current production.

Topics: Environment
Tags: auctions, climate change

Art puzzles

Nauro F Campos, 3 May 2008

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The visual arts market, in general, and the prices commanded by paintings at the two leading auction houses, in particular, tend to peak at the end of economic expansions, so the various records broken so far in 2008 may spell mixed news.

Topics: Frontiers of economic research
Tags: art, auctions, paintings

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