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.)

Forward-looking Pairwise Stability in Networks with Externalities

We consider cooperation situations where players have network relations. Networks evolve according to a stationary transition probability matrix and at each moment in time players receive payoffs from a stationary allocation rule. Players discount the future by a common factor. The pair formed by an allocation rule and a transition probability matrix is called a forward-looking network formation scheme if, first, the probability that a link is created is positive if the discounted, expected gains to its two participants are positive, and if, second, the probability that a link is eliminated is positive if the discounted, expected gains to at least one of its two participants are positive. The main result is the existence, for all discount factors and all value functions, of a forward-looking network formation scheme. Furthermore, we can always nd a forward-looking network formation scheme such that (i) the allocation rule is component balanced and (ii) the transition probabilities increase in the di erence in payo s for the corresponding players responsible for the transition. We use this dynamic solution concept to explore the tension between e ciency and stability.

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]

Small-scale fisheries development in Nigeria: Status, prospects, constraints/recommended solutions

The small-scale fisheries sector has been contributing immensely towards domestic fish production in Nigeria. Despite considerable contributions by the small-scale fisherman of Nigeria, with few exceptions, they continue to live at the margin of subsistence. This paper attempts to review the sector and propose strategies of integrated approach towards small-scale fisheries development in order to ensure that efforts at improving the rural fisheries succeed in over-coming identified constraints which include socio-cultural, political, economic, technological and other barriers