All Outputs (17)

Seller Compound Search for Bidders (2023)
Journal Article
Lee, J., & Li, D. Z. (2023). Seller Compound Search for Bidders. The Journal of Industrial Economics, https://doi.org/10.1111/joie.12355

This article studies a seller's compound search for bidders by a deadline. We show that the optimal search outcomes can be implemented by a sequence of second‐price auctions, characterized by declining reserve prices and increasing search intensities... Read More about Seller Compound Search for Bidders.

Public investment as downward benefit distribution: Theory and evidence from China’s public–private partnership programs (2023)
Journal Article
Li, D. Z., Li, Z., & Zhang, Q. (2023). Public investment as downward benefit distribution: Theory and evidence from China’s public–private partnership programs. Journal of Economic Behavior and Organization, 211, 103-128. https://doi.org/10.1016/j.jebo.2023.03.025

Although previous studies have documented the political cycle of public investment in various countries, we still know little about its distributional consequences. We address this question by analyzing an emerging form of public infrastructure inves... Read More about Public investment as downward benefit distribution: Theory and evidence from China’s public–private partnership programs.

The Consequence of Takeover Methods: Schemes of Arrangement vs. Takeover Offers (2022)
Journal Article
Alqobali, H., & Li, D. (2022). The Consequence of Takeover Methods: Schemes of Arrangement vs. Takeover Offers. International Journal of Financial Studies, 10(3), https://doi.org/10.3390/ijfs10030069

This paper examined the effect of two selling processes in the UK market: takeover offers and schemes of arrangement. The latter is argued to allow a bidder to acquire a target company more cheaply and easily because schemes provide a lower threshold... Read More about The Consequence of Takeover Methods: Schemes of Arrangement vs. Takeover Offers.

Sequential Search with Adaptive Intensity (2021)
Journal Article
Lee, J., & Li, D. (2022). Sequential Search with Adaptive Intensity. International Economic Review, 63(2), 803-829. https://doi.org/10.1111/iere.12551

This paper studies sequential search problems, where a searcher chooses search intensity adaptively in each period. We fully characterize the optimal search rule and value, decomposing the inter-temporal change of search intensity into the fall-back... Read More about Sequential Search with Adaptive Intensity.

Participation and Welfare in Auctions with Default (2019)
Journal Article
Lee, J., & Li, D. (2019). Participation and Welfare in Auctions with Default. Economics Letters, 183, https://doi.org/10.1016/j.econlet.2019.108620

In an auction with costly participation, we show that bidder default may cause social welfare loss through (i) the possibility of no trade and (ii) the under participation of bidders in equilibrium. We also provide closed-form solutions to the model.

Equilibrium Competition, Social Welfare and Corruption in Procurement Auctions (2019)
Journal Article
Li, D. Z., & Minbo, X. (2019). Equilibrium Competition, Social Welfare and Corruption in Procurement Auctions. Social Choice and Welfare, 53(3), 443-465. https://doi.org/10.1007/s00355-019-01192-8

We study the effects of corruption on equilibrium competition and social welfare in a public procurement auction. A government pays costs to invite firms to the auction, and a bureaucrat who runs the auction may request a bribe from the winning firm.... Read More about Equilibrium Competition, Social Welfare and Corruption in Procurement Auctions.

Sequential Search Auctions with a Deadline (2018)
Preprint / Working Paper
Lee, J., & Li, D. Z. (2018). Sequential Search Auctions with a Deadline

A seller wants to allocate an indivisible product among a number of potential buyers by a finite deadline, and to contact a buyer, she needs to pay a positive search cost. We investigate the optimal mechanism for this problem, and show that its outco... Read More about Sequential Search Auctions with a Deadline.

Policy Choice and Economic Growth under Factional Politics:Evidence from a Chinese Province (2017)
Journal Article
Li, D., & Zhang, Q. (2018). Policy Choice and Economic Growth under Factional Politics:Evidence from a Chinese Province. China Economic Review, 47, 12-26. https://doi.org/10.1016/j.chieco.2017.11.003

This paper investigates how political elites make policy choices that have bearing on an authoritarian regime's economy, from the perspective of factional politics. A local leader makes policies primarily to secure his political survival, which is co... Read More about Policy Choice and Economic Growth under Factional Politics:Evidence from a Chinese Province.

Ranking Equilibrium Competition in Auctions with Participation Costs (2017)
Journal Article
Li, D. (2017). Ranking Equilibrium Competition in Auctions with Participation Costs. Economics Letters, 153, 47-50. https://doi.org/10.1016/j.econlet.2017.02.003

This paper studies the degrees of equilibrium competition in three common forms of auctions with costly participation, and shows that, when bidders’ valuation distribution is concave, there is a simple condition to rank the equilibrium competition of... Read More about Ranking Equilibrium Competition in Auctions with Participation Costs.

Cheap talk advertising in auctions : horizontally vs vertically differentiated products (2017)
Preprint / Working Paper
Li, D., & Jewitt, I. (2017). Cheap talk advertising in auctions : horizontally vs vertically differentiated products

This paper explores the possibilities for sellers to usefully transmit product infor- mation to buyers by cheap talk public advertising. We explore two polar cases, con- trasting vertically di¤erentiated products (à la Milgrom Weber’s (1982) general... Read More about Cheap talk advertising in auctions : horizontally vs vertically differentiated products.

Equilibrium competition, social welfare and corruption in procurement auctions (2017)
Preprint / Working Paper
Li, D., & Xu, M. (2017). Equilibrium competition, social welfare and corruption in procurement auctions

We study the e¤ects of corruption on equilibrium competition and social welfare in a public procurement auction. In our model, …rms are invited to the auction at positive costs, and a bureaucrat who runs the auction on behalf of a government may requ... Read More about Equilibrium competition, social welfare and corruption in procurement auctions.

Disclosure or not, when there are three bidders? (2016)
Journal Article
Li, D. Z. (2016). Disclosure or not, when there are three bidders?. Economics Bulletin, 36(1), 349-354

This paper provides a more general sufficient condition than Hummel and McAfee (2015) for optimal information disclosure in auctions when there are three bidders. We show that the optimal disclosure policy is related to the skewness of the distributi... Read More about Disclosure or not, when there are three bidders?.

Revealing Product Information to Bidders with Differentiated Preferences (2013)
Journal Article
Zhiyun Li, D. (2013). Revealing Product Information to Bidders with Differentiated Preferences. Economics Bulletin, 33(3), 2235-2244

Seller cheap talk in almost common-value auctions. (2012)
Journal Article
Zhiyun Li, D. (2012). Seller cheap talk in almost common-value auctions. B.E. Journal of Theoretical Economics, 12(1), Article 8. https://doi.org/10.1515/1935-1704.1709

We study seller cheap talk problem in a modified almost common value auction, where there are potential entrants who need to pay entry costs for entering the auction. In almost common value auctions, a seller suffers great revenue losses due to the a... Read More about Seller cheap talk in almost common-value auctions..

Regulating Risk-averse Producers: The Case of Complementary Products (2010)
Journal Article
Zhiyun Li, D. (2010). Regulating Risk-averse Producers: The Case of Complementary Products. Economics Letters, 106(3), 230-233. https://doi.org/10.1016/j.econlet.2009.12.007

Endogenous Institution Formation under Catching-up Strategy in Developing Countries. (2008)
Report
Yifu Lin, J., & Zhiyun Li, D. (2008). Endogenous Institution Formation under Catching-up Strategy in Developing Countries. [No known commissioning body]

Policy Burden, Privatization and the Soft Budget Constraint (2008)
Journal Article
Yifu Lin, J., & Zhiyun Li, D. (2008). Policy Burden, Privatization and the Soft Budget Constraint. Journal of Comparative Economics, 36(1), 90-102. https://doi.org/10.1016/j.jce.2007.11.001