Recently, the research team led by Professor Heping Zhang at the Key Laboratory of Dairy Biotechnology and Engineering, Ministry of Education, Inner Mongolia Agricultural University, published a groundbreaking study in the prestigious journal Science Bulletin. Titled "A Genomic Compendium of Cultivated Food-Derived Lactic Acid Bacteria Unveils Their Contributions to Human Health", the study details the development of the comprehensive genomic dataset of food-derived lactic acid bacteria (FLAB). By systematically revealing their diversity and potential applications in food fermentation and human health, this research provides valuable scientific insights and foundational support for future studies and practical applications of LAB.

Purpose

We estimate the marginal cost curve of each dealer in each auction, based on structural models of the multiunit discriminatory-price auction.

Design/methodology/approach

Auction theory has ambiguous implications regarding the relative performance of three formats of multiunit auctions: uniform-price, discriminatory-price and Vickrey auctions. We evaluate the performance of these three auction formats using bid-level data of the Federal Reserve’s purchase auctions of agency MBS from June 2014 through November 2014.

Findings

Our results suggest that neither uniform-price nor Vickrey auctions outperform discriminatory-price auctions in terms of the total expenditure. However, Vickrey auctions outperform discriminatory-price auctions in terms of efficiency, with the efficiency gain around 0.74% of the surplus that dealers extract on average.

Originality/value

To the best of our knowledge, this paper provides the first structural analysis of the auctions used by the Federal Reserve in implementing its monetary policies.

Research team introduced CHASER, an incentive mechanism for blockchain-based EMCS systems. It ensures budget balance, truthfulness, rationality, and high social welfare. Simulations show a 42% increase in social welfare and high task completion rates.