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The Bidder Exclusion Effect
Coey, Dominic - 2014
We introduce a simple and robust approach to answering two key questions in empirical auction analysis: discriminating between models of entry and quantifying the revenue gains from improving auction design. The approach builds on Bulow and Klemperer (1996), connecting their theoretical results...
Persistent link: https://www.econbiz.de/10012458142
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Auctions Versus Negotiations in Procurement : An Empirical Analysis
Bajari, Patrick - 2003
this question, we offer a framework that compares auctions with negotiations. We then examine a comprehensive data set of … potential limitations to the use of auctions. Auctions perform poorly when projects are complex, contractual design is … incomplete and there are few available bidders. Furthermore, auctions stifle communication between buyers and the sellers …
Persistent link: https://www.econbiz.de/10012468941
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Mechanism Design Approaches to Blockchain Consensus
Gans, Joshua; Holden, Richard T. - National Bureau of Economic Research - 2022
Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks. However, this procedure can still lead to potential attacks...
Persistent link: https://www.econbiz.de/10013334407
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How Artificial Intelligence and Machine Learning Can Impact Market Design
Milgrom, Paul R. - 2018
In complex environments, it is challenging to learn enough about the underlying characteristics of transactions so as to design the best institutions to efficiently generate gains from trade. In recent years, Artificial Intelligence has emerged as an important tool that allows market designers...
Persistent link: https://www.econbiz.de/10012453432
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Bidding for Incomplete Contracts : An Empirical Analysis
Bajari, Patrick - 2006
Procurement contracts are often incomplete because the initial plans and specifications are changed and refined after … and local market power, which are the focus on much of the literature on optimal procurement mechanisms, are much smaller …
Persistent link: https://www.econbiz.de/10012466618
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Estimation of a Dynamic Auction Game
Jofre-Bonet, Mireia - 2001
estimation method to repeated highway construction procurement auctions in the state of California between May 1996 and May 1999 …
Persistent link: https://www.econbiz.de/10012470090
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Who Cares More? Allocation with Diverse Preference Intensities
Ortoleva, Pietro; Safonov, Evgenii; Yariv, Leeat - National Bureau of Economic Research - 2021
Goods and services---public housing, medical appointments, schools---are often allocated to individuals who rank them similarly but differ in their preference intensities. We characterize optimal allocation rules when individual preferences are known and when they are not. Several insights...
Persistent link: https://www.econbiz.de/10012629428
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School Choice
Abdulkadiroğlu, Atila; Andersson, Tommy - National Bureau of Economic Research - 2022
School districts in the US and around the world are increasingly moving away from traditional neighborhood school assignment, in which pupils attend closest schools to their homes. Instead, they allow families to choose from schools within district boundaries. This creates a market with parental...
Persistent link: https://www.econbiz.de/10013172122
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Procurement Contracting with Time Incentives : Theory and Evidence
Bajari, Patrick - 2009
In public sector procurement, social welfare often depends on the time taken to complete the contract. A leading … departments have introduced innovative contracting methods based on scoring auctions that give contractors explicit time …
Persistent link: https://www.econbiz.de/10012463793
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Market Design
Agarwal, Nikhil; Budish, Eric B. - National Bureau of Economic Research - 2021
This Handbook chapter seeks to introduce students and researchers of industrial organization (IO) to the field of market design. We emphasize two important points of connection between the IO and market design fields: a focus on market failures--both understanding sources of market failure and...
Persistent link: https://www.econbiz.de/10012660045