Showing 1 - 10 of 58
In the symmetric independent private value model, we revisit auctions with entry by adding two additional ingredients … rights to cancel the sale may provide some valuable flexibility in second price auctions. However, both fail to be efficient … since the seller may keep the good while it would be efficient to allocate it to the highest bidder. The English auction …
Persistent link: https://www.econbiz.de/10010739022
We study the impact of crossholdings on the efficiency of the standard auction formats. The ascending auction is not … equivalent to the second-price auction. In a class of examples, the ascending auction is the only efficient standard auction …
Persistent link: https://www.econbiz.de/10010898518
modelled as a multiple criteria auction, and an auctioneer (a government employee) who has discretion in devising the selection … auction into a symmetric information auction (in bribes) for a common value prize. In a repeated setting we show that … efficiency including price, production and design efficiency. In each period the selection criteria is fine-tailored to the in …
Persistent link: https://www.econbiz.de/10010738980
This paper investigates links between corruption and collusion in procurement. A first-price multiple-object auction is … with corruption, collusion is more likely in auctions where firms are small relative to the market. Our main message to … auction designers, competition authorities and criminal courts is that risks of collusion and of corruption must be addressed …
Persistent link: https://www.econbiz.de/10010739053
order to allocate those licences, we propose and describe an iterated combinatorial auction mechanism where a percentage of …. Since a combinatorial auction involve a complex optimisation procedure, we describe how it can be made to work in the case … of auctions. …
Persistent link: https://www.econbiz.de/10010820860
This paper considers whether earned wealth affects bidding behavior in an induced-value second-price auction. We find … people bid more sincerely in the auction with earned wealth given monetary incentives; earned wealth did not induce sincere … bidding in hypothetical auctions. …
Persistent link: https://www.econbiz.de/10010738571
at a general extortion mechanism adapted from Myerson's (1981) optimal auction theory. This characterization is used to …
Persistent link: https://www.econbiz.de/10010739035
We consider standard auction models when bidders' identities are not observed by the econometrician. First, we adapt … the possibility to identify private value auction models. Second, in the asymmetric independent private value model which … Estimation of First-Price Auctions, Econometrica 68 (2000) 525-574] and study the asymptotic properties of our multi-step kernel …
Persistent link: https://www.econbiz.de/10010739122
This paper examines how shareholdings affect auctions' revenue and efficiency with independent private values. Two …) function of vertical (resp: horizontal) toeholds. With both types of toeholds, auction formats are not revenue equivalent …. Expected revenue is affected to a greater extent by the presence of toeholds in the second price auction than in the first …
Persistent link: https://www.econbiz.de/10010898839
' shares which raise State's revenue and reduce downstream tenders' efficiency. …
Persistent link: https://www.econbiz.de/10010899259