Similar Search Results

Pérez-Castrillo, David; Wettstein, David - CESifo - 2014

We study innovation contests with asymmetric information and identical contestants, where contestants’ efforts and innate abilities generate inventions of varying qualities. The designer offers a reward to the contestant achieving the highest quality and receives the revenue generated by the...

Persistent link: https://www.econbiz.de/10010877748

Reserve Price Formation in Online Auctions

Englmaier, Florian; Schmöller, Arno - CESifo - 2008

We use a unique hand collected data set of 6 258 auctions from the online football manager game Hattrick to study micro …

Persistent link: https://www.econbiz.de/10005766032

Does Laboratory Trading Mirror Behavior in Real World Markets? Fair Bargaining and Competitive Bidding on EBay

Bolton, Gary E.; Ockenfels, Axel - CESifo - 2008

We conducted a controlled field experiment on eBay and examined to what extent both social and competitive laboratory behavior is robust to institutionally complex real world markets with experienced traders, who selected themselves into these markets. EBay’s natural trading system provides...

Persistent link: https://www.econbiz.de/10005181559

A Sealed-Bid Auction that Matches the English Auction

Perry, Motty; Wolfstetter, Elmar G.; Zamir, Shmuel - CESifo - 2000

This paper analyzes a two-stage sealed-bid auction that is frequently employed in privatization, takeover, and merger and acquisition contests. This auction format yields the same expected revenue as the open ascending (English) auction, yet is less susceptible to preemptive bidding and collusion.

Persistent link: https://www.econbiz.de/10005405744

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

Core-stable Rings in Auctions with Independent Private Values

Biran, Omer; Forges, Francoise - CESifo - 2010

characteristic function, derived from the partition form game, is not empty. As an application, we study collusion in auctions in …

Persistent link: https://www.econbiz.de/10008583724

An Externality-Robust Auction: Theory and Experimental Evidence

Bartling, Björn; Netzer, Nick - CESifo - 2014

An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders’ payoffs unaffected. The equilibrium and its outcome will then persist if certain types of externalities arise between bidders. One example are externalities due to spiteful preferences, which...

Persistent link: https://www.econbiz.de/10010877664

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

Complementary Bidding Mechanisms and Startup Costs in Electricity Markets

Reguant, Mar - CESifo - 2014

I extend multi-unit auction estimation techniques to a setting in which firms can express cost complementarities over time. In the context of electricity markets, I show how the auction structure and bidding data can be used to estimate these complementarities, which in these markets arise due...

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