Basic Communication Paper Information About the Final Negotiation Process
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ENEL — Società Per Azioni (Incorporated with Limited Liability in Italy) U.S
OFFERING CIRCULAR NOT FOR GENERAL CIRCULATION IN THE UNITED STATES ENEL — Società per Azioni (incorporated with limited liability in Italy) U.S. $1,250,000,000 Capital Securities due 2073 Enel — Società per Azioni (the “Issuer” or “Enel”) will issue U.S. $1,250,000,000 Capital Securities due 2073 (the “Securities”) on September 24, 2013 (the “Issue Date”). The Securities will bear interest on their principal amount (a) from (and including) the Issue Date to (but excluding) the First Reset Date, at the rate of 8.750 percent per annum and (b) from (and including) the First Reset Date to (but excluding) the Maturity Date, for each Reset Period, the relevant 5-year Swap Rate plus (A) in respect of the Reset Periods commencing on the First Reset Date, September 24, 2028, September 24, 2033 and September 24, 2038, 6.130 percent per annum, and (B) in respect of any other Reset Period, 6.880 percent per annum (each, as defined in “Description of the Securities”). Interest on the Securities will be payable semi- annually in arrears on March 24 and September 24 each year, commencing on March 24, 2014 (each an “Interest Payment Date”). Payment of interest on the Securities may be deferred at the option of the Issuer in certain circumstances, as set out under “Description of the Securities — Interest Deferral”. The Securities will be issued in fully registered form and only in denominations of U.S. $200,000 and in integral multiples of U.S. $1,000 in excess thereof. Unless previously redeemed by the Issuer as provided below, the Issuer will redeem the Securities on September 24, 2073 at their principal amount, together with interest accrued to, but excluding, such date and any Arrears of Interest (as defined in “Description of the Securities”). -
Digital Procurement Research 2018
Digital Procurement Research 2018 Uncovering the solutions that bring you forward 2 Digital Procurement Research 2018. Foreword Christian Michalak, Xander de Jong, Vice President, Senior Manager, Head of Procurement Head of Procurement Transformation DACH Transformation NL The world is digitizing rapidly and becoming increasingly Capgemini Digital Procurement connected. Widespread terms such as Internet of Things and Industry4.0 reflect this. Traditionally, the procurement Research 2018 department falls behind in digital transformations, resulting in inefficiencies , unnecessary high costs and being perceived as an Cloud procurement solutions offer many exciting opportunities annoyance by the operational departments. But this situation is for every business and in both direct and indirect procurement. changing. However, since there are many players, it is a challenge to determine which ones to shortlist or select. The traditional procurement function is evolving, and many people are afraid of this. They wonder about the future, whether Therefore, we are proud to present the Capgemini Digital procurement will still play a role, while they should be wondering Procurement Research 2018. This research will provide you more what opportunities it offers, for example in the context of digital, insights on functionalities offered by various solution providers and how procurement can act on the next level. and share insights, lessons learned and client cases. Of course, there are other well-respected research reports on procurement Procurement, and at the same time management and business solution providers. However, based on feedback from clients stakeholders, should move away from the traditional focus on we saw a need for a research that purely focused on available cost reduction and rather focus on how to get more or, even functionality. -
Obviousness Around the Clock
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Breitmoser, Yves; Schweighofer-Kodritsch, Sebastian Working Paper Obviousness around the clock WZB Discussion Paper, No. SP II 2019-203 Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Breitmoser, Yves; Schweighofer-Kodritsch, Sebastian (2019) : Obviousness around the clock, WZB Discussion Paper, No. SP II 2019-203, Wissenschaftszentrum Berlin für Sozialforschung (WZB), Berlin This Version is available at: http://hdl.handle.net/10419/195919 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Yves Breitmoser Sebastian Schweighofer-Kodritsch Obviousness around the clock Put your Research Area and Unit Discussion Paper SP II 2019–203 March 2019 WZB Berlin Social Science Center Research Area Markets and Choice Research Unit Market Behavior Wissenschaftszentrum Berlin für Sozialforschung gGmbH Reichpietschufer 50 10785 Berlin Germany www.wzb.eu Copyright remains with the author(s). -
Handout 21: “You Can't Handle the Truth!”
CSCE 475/875 Multiagent Systems Handout 21: “You Can’t Handle the Truth!” October 24, 2017 (Based on Shoham and Leyton-Brown 2011) Independent Private Value (IPV) To analyze properties of the various auction protocols, let’s first consider agents’ valuations of goods: their utilities for different allocations of the goods. Auction theory distinguishes between a number of different settings here. One of the best-known and most extensively studied is the independent private value (IPV) setting. In this setting all agents’ valuations are drawn independently from the same (commonly known) distribution, and an agent’s type (or “signal”) consists only of its own valuation, giving itself no information about the valuations of the others. An example where the IPV setting is appropriate is in auctions consisting of bidders with personal tastes who aim to buy a piece of art purely for their own enjoyment. (Note: Also think about the common-value assumption. Resale value!) Second-price, Japanese, and English auctions Theorem 11.1.1 In a second-price auction where bidders have independent private values, truth telling is a dominant strategy. Proof. Assume that all bidders other than i bid in some arbitrary way, and consider i’s best response. First, consider the case where i’s valuation is larger than the highest of the other bidders’ bids. In this case i would win and would pay the next-highest bid amount. Could i be better off by bidding dishonestly in this case? • If i bid higher, i would still win and would still pay the same amount. • If i bid lower, i would either still win and still pay the same amount or lose and pay zero. -
CS395T Agent-Based Electronic Commerce Fall 2003
CS395T Agent-Based Electronic Commerce Fall 2003 Peter Stone Department or Computer Sciences The University of Texas at Austin Week 2a, 9/2/03 Logistics • Mailing list and archives Peter Stone Logistics • Mailing list and archives • Submitting responses to readings Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) − by midnight; earlier raises probability of response Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) − by midnight; earlier raises probability of response • Presentation dates to be assigned soon Peter Stone Logistics • Mailing list and archives • Submitting responses to readings − no attachments, strange formats − use specific subject line (see web page) − by midnight; earlier raises probability of response • Presentation dates to be assigned soon • Any questions? Peter Stone Klemperer • A survey • Purpose: a broad overview of terms, concepts and the types of things that are known Peter Stone Klemperer • A survey • Purpose: a broad overview of terms, concepts and the types of things that are known − Geared more at economists; assumes some terminology − Results stated with not enough information to verify − Apolgies if that was frustrating Peter Stone -
Hiding Information in Open Auctions with Jump Bids David Ettinger, Fabio Michelucci
Hiding Information in Open Auctions with Jump Bids David Ettinger, Fabio Michelucci To cite this version: David Ettinger, Fabio Michelucci. Hiding Information in Open Auctions with Jump Bids. Economic Journal, Wiley, 2016, 126 (594), pp.1484 - 1502. 10.1111/ecoj.12243. hal-01432853 HAL Id: hal-01432853 https://hal.archives-ouvertes.fr/hal-01432853 Submitted on 12 Jan 2017 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Hiding Information in Open Auctions with Jump Bids∗ David Ettinger and Fabio Michelucci We analyse a rationale for hiding information in open ascending auction formats. We focus on the incentives for a bidder to call a price higher than the highest standing one in order to prevent the remaining active bidders from aggregating more accurate information by observing the exact drop out values of the opponents who exit the auction. We show that the decision whether to allow jump bids or not can have a drastic impact on revenue and efficiency. Economists have focused extensive attention on market environments where the aggregation of new information is important.1 The possibility of aggregating new information is also the key feature of open auction formats, which often leads auction theorists and designers to advocate the use of open auction formats as opposed to sealed bid auction formats. -
Mechanism Design for Multiagent Systems
Mechanism Design for Multiagent Systems Vincent Conitzer Assistant Professor of Computer Science and Economics Duke University [email protected] Introduction • Often, decisions must be taken based on the preferences of multiple, self-interested agents – Allocations of resources/tasks – Joint plans – … • Would like to make decisions that are “good” with respect to the agents’ preferences • But, agents may lie about their preferences if this is to their benefit • Mechanism design = creating rules for choosing the outcome that get good results nevertheless Part I: “Classical” mechanism design • Preference aggregation settings • Mechanisms • Solution concepts • Revelation principle • Vickrey-Clarke-Groves mechanisms • Impossibility results Preference aggregation settings • Multiple agents… – humans, computer programs, institutions, … • … must decide on one of multiple outcomes… – joint plan, allocation of tasks, allocation of resources, president, … • … based on agents’ preferences over the outcomes – Each agent knows only its own preferences – “Preferences” can be an ordering ≥i over the outcomes, or a real-valued utility function u i – Often preferences are drawn from a commonly known distribution Elections Outcome space = { , , } > > > > Resource allocation Outcome space = { , , } v( ) = $55 v( ) = $0 v( ) = $0 v( ) = $32 v( ) = $0 v( ) = $0 So, what is a mechanism? • A mechanism prescribes: – actions that the agents can take (based on their preferences) – a mapping that takes all agents’ actions as input, and outputs the chosen outcome -
Hiding Information in Open Auctions with Jump Bids∗
Hiding information in open auctions with jump bids∗ David Ettinger y Fabio Michelucciz PSL, Universite Paris Dauphine CERGE-EI March 7, 2013 Abstract We analyze a rationale for hiding information in open auction formats. We focus on the incentives for a bidder to call a price higher than the highest standing one in order to prevent the remaining active bidders from aggregating more accurate information that could be gathered by observing the exact drop out values of the exiting bidders. Necessary conditions for the existence of jump bids with such motivations are provided. Finally, we show that there is no clear-cut effect of jump bids on efficiency and expected revenue and introduce several specific results. JEL Classification Numbers: D44, D82. Keywords: auctions, efficiency, jump bids. ∗We would like to thank Levent C¸elik, Fran¸coiseForges, Philippe Jehiel, Marco Pagnozzi, Margaret Meyer, Jakub Steiner and the participants to the Transatlantic Theory Workshop, PET 2012, Dauphine, Naples, Salerno and Lille seminars for helpful discussions and feedback on earlier drafts of this paper. yPSL, Universite Paris Dauphine, LEDa, CEREMADE. Place du Mar´echal de Lattre de Tassigny 75775 Paris Cedex 16 France, [email protected] zFabio Michelucci, CERGE-EI, P.O. Box 882 Politickych veznu 7 111 21 Praha 1 Czech Republic. Email: [email protected]. CERGE-EI, a joint workplace of Charles University and the Economics Institute of the Academy of Sciences of the Czech Republic, Politickych veznu 7, 111 21 Prague, Czech Republic. 1 1 Introduction One of the main characteristics of an open ascending auction format is that it allows partici- pants to aggregate new information on top of the information available ex-ante. -
Operations Research and Logistics Department (ORL) Bsc Thesis
Operations Research and Logistics Department (ORL) BSc Thesis Management Studies E-commerce in the Brazilian Flower Sector: Characterization, analysis and trends Supervisors: Prof.dr.ir. J.G.A.J. (Jack) van der Vorst Dr. J.M. (Jacqueline) Bloemhof Phd Candidate M. (Marlies) de Keizer Student: Felipe Vizzoto R.N: 900501896060 Course: YSS 81812 Wageningen, 2nd May until 30rd June, 2011 1 Special thanks to Wageningen University and Research Center (WUR) and “Luiz de Queiroz” College of Agriculture (ESALQ/USP), for the opportunity. My supervisors, Prof. dr. ir. Jack van der Vorst, Dr. Jacqueline Bloemhof and Phd Candidate Marlies de Keizer, for all the attention and help. Veiling Holambra, Floranet, Flora Holland and Prof. dr. ir. Eric van Heck, for making this research possible. Group of Research and Extension in Agroindustrial Logistics (ESALQ-LOG), especially to my colleagues Pedro Paulo de Carvalho Teixeira and Aline Bianca Paulo, who contributed decisively for the quality of this research. My family, my parents Cíntia and Carlos Alberto Vizzotto, and my sisters Vitória and Marília Vizzotto, who always trusted and supported me in my studies. 2 Table of Contents 1. Introduction ................................................................................................................... 5 1.1. Background .............................................................................................................................5 1.1.1. The Flower sector in Brazil ......................................................................................................... -
A Primer on Auction Design, Management, and Strategy∗
A Primer on Auction Design, Management, and Strategy∗ David J. Salant TSE 31000 Toulouse December 23, 2013 DRAFT 2 Contents 1 Introduction 11 1.1 Goals of this Primer . 11 1.2 What are Auctions? . 14 1.2.1 Why Auctions? . 16 1.2.2 Types of Auctions . 17 1.3 A New Age of Auctions . 19 1.3.1 New Types of Auctions . 20 1.3.2 Auctions Replacing Regulation . 22 1.3.3 Auctions in the Private Sector . 24 1.4 Why Auction Design (and Management) Matters . 25 1.5 Outline of This Primer . 27 2 Game Theory, Auction Design, and Strategy 29 2.1 Game Theory and Auctions . 29 2.2 Noncooperative Games . 30 2.2.1 One-Shot Auctions . 30 3 4 CONTENTS 2.2.2 Normal Form Games . 31 2.2.3 Equilibrium in Normal Form Games . 32 2.2.4 Mixed Equilibrium in Spectrum Auctions: Some Ex- amples . 33 2.2.5 Equilibrium in Multi-attribute Auctions . 34 2.3 Multi-stage and Sequential Auctions . 36 2.3.1 Subgame Perfect Equilibrium . 36 2.3.2 Signaling Games . 38 2.4 Repeated Games . 39 2.4.1 Finitely Repeated Games . 40 2.4.2 Infinitely Repeated Games . 41 2.4.3 Overlapping Generations of Players . 42 2.5 Summary . 42 3 Revenue Equivalence 45 3.1 The Four Basic Auction Types for Single-Object Auctions . 45 3.2 Auction Strategy in the Four Basic Auction Types . 47 3.3 Strategic Equivalence . 48 3.4 Revenue Equivalence of English and Dutch Auctions . 51 3.5 Summary . -
Designing Renewable Energy Incentives and Auctions: Lessons for Asean
DESIGNING RENEWABLE ENERGY INCENTIVES AND AUCTIONS: LESSONS FOR ASEAN USAID CLEAN POWER ASIA September 4, 2017 This publication was produced for review by the United States Agency for International Development by Abt Associates Inc. and can be downloaded at the following location: http://www.usaidcleanpowerasia.com/publications.html DESIGNING RENEWABLE ENERGY INCENTIVES AND AUCTIONS: LESSONS FOR ASEAN USAID CLEAN POWER ASIA Contract No.: AID-486-C-16-00001 Prepared by: Abt Associates Inc. Submitted to: U.S. Agency for International Development Regional Development Mission for Asia Submitted on: September 4, 2017 Authors: Dr. Sopitsuda Tongsopit Dr. Wathanyu Amatayakul Phoebe Grace Saculsan Vu Hoang Nghia Chomsiri Tirapornvitoon Rémy Favre Ana Amazo Silvana Tiedemann Angélica Afanador DISCLAIMER The authors’ views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development (USAID) or the United States government. CONTENTS Acronyms ................................................................................................................................... 8 Acknowledgments.................................................................................................................... 12 Executive Summary .................................................................................................................. 13 Chapter 1: Introduction ........................................................................................................... 18 1.1 USAID Clean -
Speeding up Ascending-Bid Auctions*
Speeding Up Ascending-Bid Auctions* Yuzo Fujishimaj, David Mc Adams J, and Yoav Shohamj Computer Science Department (f) and Graduate School of Business (J) Stanford University Stanford, CA 94305 Abstract well as other market mechanisms are used in parts con• figuration design, factory scheduling, operating system In recent years auctions have grown in inter- memory allocation, ATM network bandwidth alloca• est within the AI community as innovative tion, and distributed QoS allocation. [Clearwater, 1996; mechanisms for resource allocation. The pri• Yarnaki et al., 1996]. Within AI, market-oriented pro• mary contribution of this paper is to iden• gramming (MOP) [Wellman, 1993; Mullen and Wellman, tify a family of hybrid auctions, called sur• 1996] has excited many researchers with the prospect of vival auctions, which combine the benefits of market-based control. both sealed-bid auctions (namely, quick and MOP and related approaches leverage ideas from eco• predictable termination time) and ascending- nomics and game theory, but these ideas provide little bid auctions (namely, more information revela• help with computational issues. This paper is concerned tion often leading, among other things, to bet• with the speed with which an auction terminates. (In the ter allocations and greater expected revenue). following we assume familiarity with some auction the• Survival auctions are multi-round sealed-bid ory. Unfamiliar readers should consult the brief primer auctions with an information-revelation com• provided in Section 2.) ponent, in which some bidders are eliminated from the auction from one round to the next. Sealed-bid auctions are attractive since they last ex• These auctions are intuitive, easy to imple• actly one round, but in some situations they have sub• ment, and most importantly provably opti• stantial disadvantages.