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Security Bid Auctions for Agency Contracts

Jun, Byoung Heon; Wolfstetter, Elmar G. - CESifo - 2013

A principal uses security bid auctions to award an incentive contract to one among several agents in the presence of … call a fixed wage contract, tends to outperform all other auctions, although it is not an optimal mechanism. However, by … adding output targets to hybrid share auctions one can (arbitrary closely) implement the optimal mechanism. …

Persistent link: https://www.econbiz.de/10010877882

Auctions with Imperfect Commitment when the Reserve May Serve as a Signal

Jun, Byoung Heon; Wolfstetter, Elmar G. - CESifo - 2014

If bidders are uncertain whether the auctioneer sticks to the announced reserve, some bidders respond by strategic non-participation, speculating that the auctioneer may revoke the reserve. However, the reserve inadvertently signals the auctioneer’s type, which drives a unique separating and a...

Persistent link: https://www.econbiz.de/10010735190

Auctions vs. Negotiations: The Case of Favoritism

Gretschko, Vitali; Wambach, Achim - CESifo - 2012

We compare two commonly used mechanisms in procurement: auctions and negotiations. The execution of the procurement …

Persistent link: https://www.econbiz.de/10010599726

Complementary Bidding Mechanisms and Startup Costs in Electricity Markets

Reguant, Mar - CESifo - 2014

time. In the context of electricity markets, I show how the auction structure and bidding data can be used to estimate … that taking them into account helps better explain firm bidding strategies and production patterns. As in other dynamic …

Persistent link: https://www.econbiz.de/10010877888

Strategic Supply Function Competition with Private Information

Vives, Xavier - CESifo - 2009

A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function equilibrium is characterized; the equilibrium is privately...

Persistent link: https://www.econbiz.de/10008534061

Strategic Supply Function Competition with Private Information

Vives, Xavier - CESifo - 2008

A Bayesian supply function equilibrium is characterized in a market where firms have private information about their uncertain costs. It is found that with supply function competition, and in contrast to Bayesian Cournot competition, competitiveness is affected by the parameters of the...

Persistent link: https://www.econbiz.de/10005094231

Highway to Economic Growth? Competition in Public Works Tenders in the Democratic Republic of Congo

Galletta, Sergio; Jametti, Mario; Redonda, Agustin - CESifo - 2012

The Democratic Republic of Congo (DRC) is one of the poorest countries in the World. The construction sector will play an essential part to bring the country on the path of economic growth, and competition within the sector is crucial to achieve this goal. In this paper we analyze the effect of...

Persistent link: https://www.econbiz.de/10010602004

Competition in the Presence of Individual Demand Uncertainty

Möller, Marc; Watanabe, Makoto - CESifo - 2013

This paper sheds light on an empirical controversy about the effect of competition on price discrimination. We introduce individual demand uncertainty into Hotelling’s model of product differentiation and show that firms offer advance purchase discounts. Consumers choose between an early...

Persistent link: https://www.econbiz.de/10010877946

Horizontal Merger under Strategic Tax Policy

Liu, Chih-Chen; Mukherjee, Arijit; Wang, Leonard F.S. - CESifo - 2014

We show that the presence of a strategic tax policy increases the incentive for a horizontal merger compared to the situation with no tax policy. Thus, we point towards a new factor, viz., strategic tax policy, for increasing the incentive for a horizontal merger that has been ignored in the...

Persistent link: https://www.econbiz.de/10010948827

Union Bargaining Power and Product Innovation: Relevance of the Preference Function

Basak, Debasmita; Hoefele, Andreas; Mukherjee, Arijit - CESifo - 2014

We show the effects of the bargaining power of labour unions on product innovation under decentralised and centralised wage bargaining. In this context, we show the implications of preference function, which affects the market size. A higher union bargaining power increases innovation if...

Persistent link: https://www.econbiz.de/10010948850

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