Resale in Auctions with Financial Constraints

This paper analyzes auctions where bidders face nancial constraints that may force them to resell part of the property of the good (or subcontract part of a project) at a resale market. First we show that the ine¢ cient speculative equilibria of second- price auctions (Garratt and Tröger, 2006) generalizes to situations with partial resale where only the high value bidder is nancially constrained. However, when all players face nancial constraints the ine¢ cient speculative equilibria disappear. Therefore, for auctioning big facilities or contracts where all bidders are nancially constrained and there is a resale market, the second price auction remains a simple and appropriate mechanism to achieve an e¢ cient allocation.

Physical Constraints to Aquatic Plant Growth in New Zealand Lakes

The nature of aquatic plant communities often defines benthic habitat within oligotrophic and mesotrophic lakes and lake management increasingly recognizes the importance of maintaining plant diversity in order to sustain biological diversity and capacity within lakes. We have developed simple statistical relationships between key physical and vegetation variables that define the habitat requirements, or “habitat-templates”, of key vegetation types to facilitate management of plant communities in New Zealand lakes. Statistical relationships were derived from two datasets. The first was a multi-lake dataset to determine the effects of water level fluctuation and water clarity. The second dataset was from a comprehensive shoreline survey of Lake Wanaka, which allowed us to examine within-lake variables such as beach slope and wave action. Sufficient statistical relationships were established to develop a habitat template for each of the major species or assemblages. The relationships suggested that the extent and diversity of shallow-growing species was related to a combination of the extent of water level fluctuation and wave exposure. (PDF contains 9 pages.)

Recognition of Membrane-Bound Fusion-Peptide/MPER Complexes by the HIV-1 Neutralizing 2F5 Antibody : Implications for Anti-2F5 Immunogenicity

13 p.

Addressing technical, social and economic constraints to rice fish culture in Laos, emphasising women’s involvement: DFID Aquaculture Research Programme Project R6380Cb, final technical report

[PDF contains 83 pages]