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private. We implement different semi-structured bargaining protocols based on deferred acceptance, and we compare their … performance to the benchmark scenario of a sealed-bid auction. We show that bargaining dramatically improves efficiency, mainly to … the benefit of players rather than the silent auctioneer. A protocol of unconstrained simultaneous bargaining performs …
Persistent link: https://www.econbiz.de/10012629485
information is symmetrically distributed and the scoring bias is set to offset the initial asymmetry between players … signals and (ii) endogenous information structure. We show that information favoritism can play a useful role in addressing …
Persistent link: https://www.econbiz.de/10014247957
Which is the more profitable way to sell a company: a public auction or an optimally structured negotiation with a smaller number of bidders? We show that under standard assumptions the public auction is always preferable, even if it forfeits all the seller's negotiating power, including the...
Persistent link: https://www.econbiz.de/10012474326
This paper compares outcomes from informally negotiated oil and gas leases to those awarded via centralized auction. We focus on Texas, where legislative decisions in the early twentieth century assigned thousands of proximate parcels to different mineral allocation mechanisms. We show that...
Persistent link: https://www.econbiz.de/10012479663
receiver can rationally prefer to obtain information from a poorly-informed sender with aligned preferences, rather than a …
Persistent link: https://www.econbiz.de/10012510540
We seed noisy information to members of a real-world social network to study how information diffusion and information … transmitted noisily. We then compare two theories of information aggregation: a naive model in which people double-count signals … source of information. We show that to distinguish between these models of aggregation, it is critical to explicitly account …
Persistent link: https://www.econbiz.de/10012457654
explore whether structural auction models can generate reasonable estimates of bidders' private information. Using bid data …
Persistent link: https://www.econbiz.de/10012468808
Choice screen auctions have been recently deployed in 31 European countries, allowing consumers to choose their preferred search engine on Google's Android platform instead of being automatically defaulted to Google's own search engine. I show that a seemingly minor detail in the design of these...
Persistent link: https://www.econbiz.de/10012482310
We propose an equilibrium theory of data-driven antitrust oversight in which regulators launch investigations on the basis of suspicious bidding patterns and cartels can adapt to the statistical screens used by regulators. We emphasize the use of asymptotically safe tests, i.e. tests that are...
Persistent link: https://www.econbiz.de/10013334437
monitoring as a constraint on collusion, but evidence remains scarce on whether: (i) information frictions meaningfully limit …
Persistent link: https://www.econbiz.de/10015398120