The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Nov, 1993, Volume 61, Issue 6
https://doi.org/0012-9682(199311)61:6<1281:MDBCS>2.0.CO;2-U
p. 1281-1312
R. Preston McAfee
A dynamic model with many sellers and many buyers is constructed, in which buyers who fail to purchase in the current period may attempt to purchase in the future, and sellers who fail to sell may sell in the future. An equilibrium is found where sellers hold identical auctions and buyers randomize over the sellers they visit. Auctions alter the distribution of buyer types by removing high value buyers more rapidly than low value buyers, and an equilibrium distribution of buyer types is constructed. Sellers in equilibrium post an efficient reserve price equal to the sellers' value of the good, and an auction with efficient reserve is an optimal mechanism from each seller's point of view, in spite of the ability of any seller to alter the distribution of buyer types participating in the seller's mechanism by altering the mechanism.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
