G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6440
DP6440 Structural Estimation of Search Intensity: Do Non-Employed Workers Search Enough?
Pieter A. Gautier; José-Luis Moraga-González; Ronald Wolthoff
发表日期2007-09-14
出版年2007
语种英语
摘要We study the allocation of several heterogenous, commonly ranked objects to impatient agents with privately known characteristics who arrive sequentially according to a Poisson or renewal process. We analyze and compare the policies that maximize either welfare or revenue. We focus on two cases: 1. There is a deadline after which no more objects can be allocated; 2. The horizon is potentially infinite and there is time discounting. We first characterize all implementable allocation schemes, and we compute the expected revenue for any implementable, deterministic and Markovian allocation policy. These properties are shared by the welfare and revenue maximizing policies. Moreover, we show that these policies do not depend on the characteristics of the available objects at each point in time. The revenue-maximizing allocation scheme is obtained by a variational argument which sheds somewhat more light on its properties than the usual dynamic programming approach. We also obtain several properties of the welfare maximizing policy using stochastic dominance measures of increased variability and majorization arguments. These results yield upper/lower bounds on efficiency/revenue for large classes of distributions of agents' characteristics or of distributions of inter-arrival times for which explicit solutions cannot be obtained in closed form.
主题Industrial Organization
关键词Dynamic pricing Mechanism design Revenue management Sequential assignment
URLhttps://cepr.org/publications/dp6440
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535281
推荐引用方式
GB/T 7714
Pieter A. Gautier,José-Luis Moraga-González,Ronald Wolthoff. DP6440 Structural Estimation of Search Intensity: Do Non-Employed Workers Search Enough?. 2007.
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