VIENNA JOINT ECONOMICS SEMINAR	INVITATION
The University of Vienna and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar Thursday, March 19, 2015 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, HS 5, ground floor 4:00 pm Johannes Hörner Yale University Dynamic Mechanisms without Money We analyze the optimal design of dynamic mechanisms in the absence of transfers. The designer uses future allocation decisions to elicit private information. Values evolve according to a two-state Markov chain. We solve for the optimal allocation rule, which permits a simple implementation. Unlike with transfers, efficiency decreases over time, and both immiseration and its polar opposite are possible long-run outcomes. Considering the limiting environment in which time is continuous, we demonstrate that persistence hurts. paper jointly with Yingni Guo (Northwestern University) We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Stumpergasse 56, 1060 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics@ihs.ac.at http://economics.ihs.ac.at		LINKS DIRECTIONS TO UNIVERSITY OF VIENNA on Google maps VIENNA JOINT ECONOMICS SEMINAR on Google calendar ECONOMICS SEMINARS IN VIENNA on Google calendar
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