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 17, 2015 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, HS 15, 2nd floor 4:00 pm Aviad Heifetz and                        Peter Cramton The Open University of Israel                                     U Maryland Gratification and flourishing: well-being in interaction (Aviad Heifetz) Abstract: A long tradition of thought identifies two distinct but inter-related dimensions of well being - gratification and flourishing. Relying on insights from relational psychoanalytic theory, we devise a modeling approach based on an analogy with electric circuits, where gratification is represented by electric current and flourishing by electric power. We explore how the latter is influenced non-monotonically by challenges and their perceived values, as represented in the model by loads and resistance. Further psychoanalytic conceptualizations suggest how to extend the electric circuits metaphor for modeling mutual influence among related individuals. This extension gives rise to a definition of a social equilibrium. We prove existence, and show that there might exist 'flourishing traps'- social equilibria dominated by other social equilibria with enhanced flourishing for everybody and with no decrease in gratification. We discuss how 'flourishing traps' differ from classical coordination failures, and the implied nature of guidance for public policy. (paper jointly with Enrico Minelli) and An Open Access Wireless Market (Peter Cramton) Abstract: We present a market design for an open access wireless market. Open access means that in real time, network capacity cannot be withheld—network throughput is priced dynamically by the marginal demand during congestion. In unconstrained times and locations, a nominal fee is paid for network throughput. As in electricity markets, the real-time market provides the foundation for forward markets. Monthly forwards are auctioned before the start of each month; yearly forwards are auctioned before the start of each year. Market participants, both operators and traders, take positions in forward auctions to manage risk and optimize portfolios. Deviations from forward positions are settled at real-time prices based on actual use. The independent system operator runs the network and conducts the real-time, monthly, and yearly auctions of network throughput. An independent market monitor observes the market, identifies problems, and suggests solutions. A board—including affiliated directors representing important stakeholders together with independent directors with subject matter expertise—governs the market. A goal of the market is to provide a secure, robust, wide-coverage platform for mobile communications supporting public safety and universal service. Public safety has pre-emptive rights during emergencies and otherwise has economic use like wholesale operators. A complementary goal is competition. The open access provision brings vibrant competition through low-cost, non-discriminatory entry into the wireless market. The market provides a natural remedy for mergers, allowing operational efficiency gains while increasing competition. Critical funding is provided through efficient congestion pricing that balances supply and demand at every time and location. The market, enabled by flexible handsets and the LTE technology, radically reforms current spectrum policy. The market coexists and complements the dedicated networks of incumbent carriers, promoting efficient spectrum use and essential innovation. (paper jointly with Linda Doyle) We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Josefstädter Straße 39, 1080 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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