We provide a model of a decentralized, dynamic auction market platform (e.g., eBay) in which a large number of buyers and sellers participate in simultaneous, singleunit auctions each period. Our model accounts for the endogenous entry of agents and the impact of intertemporal optimization on bids. Solving our model with a finite number of bidders is computationally intractable due to the curse of dimensionality, so we prove that a continuum version of our model provides a good approximation of an equilibrium in the finite model. We use the approximation to estimate the structural primitives of our model using Kindle sales on eBay. We find that just over one third of Kindle auctions on eBay result in an inefficient allocation with deadweight loss amounting to 13.5% of total possible market surplus. We also find that partial centralization - for example, runnng half as many 2-unit, uniform price auctions each day - would eliminate a large fraction of the inefficiency, but yield lower seller revenues. Our results highlight the importance of understanding platform composition effects—selection of agents into the market—in assessing the implications of market design.

Recently, a number of new Ward identities for large gauge transformations and large diffeomorphisms have been discovered. Some of the identities are reinterpretations of previously known statements, while some appear to be genuinely new. We use Noether’s second theorem with the path integral as a powerful way of generating these kinds of Ward identities. We reintroduce Noether’s second theorem and discuss how to work with the physical remnant of gauge symmetry in gauge fixed systems. We illustrate our mechanism in Maxwell theory, Yang–Mills theory, p-form field theory, and Einstein–Hilbert gravity. We comment on multiple connections between Noether’s second theorem and known results in the recent literature. Our approach suggests a novel point of view with important physical consequences.

A Calabi–Yau threefold is called of type K if it admits an ´etale Galois covering by the product of a K3 surface and an elliptic curve. In our previous paper [16], based on Oguiso–Sakurai’s fundamental work [24], we have provided the full classification of Calabi–Yau threefolds of type K and have studied some basic properties thereof. In the present paper, we continue the study, investigating them from the viewpoint of mirror symmetry. It is shown that mirror symmetry relies on duality of certain sublattices in the second cohomology of the K3 surface appearing in the minimal splitting covering. The duality may be thought of as a version of the lattice duality of the anti-symplectic involution on K3 surfaces discovered by Nikulin [23]. Based on the duality, we obtain several results parallel to what is known for Borcea–Voisin threefolds. Along the way, we also investigate the Brauer groups of Calabi–Yau threefolds of type K.

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Segmented strings in flat space are piecewise linear classical string solutions. Kinks between the segments move with the speed of light and their worldlines form a lattice on the worldsheet. This idea can be generalized to AdS3 where the embedding is built from AdS2 patches. The construction provides an exact discretization of the non-linear string equations of motion. This paper computes the area of segmented strings using cross-ratios constructed from the kink vectors. The cross-ratios can be expressed in terms of either left-handed or right-handed variables. The string equation of motion in AdS3 is reduced to that of an integrable time-discretized relativistic Toda-type lattice. Positive solutions yield string embeddings that are unique up to global transformations. In the appendix, the Poincare target space energy is computed by integrating the worldsheet current along kink worldlines and a formula is derived for the integrated scalar curvature of the embedding.