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Security bid auctions for agency contracts
Jun, Byoung Heon; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2012
A principal uses security bid auctions to award an incentive contract to one among several agents, in the presence of … outperform all other auctions, although it cannot extract the entire surplus implement efficient effort. Hence, profit sharing …
Persistent link: https://www.econbiz.de/10010556730
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Auctions with imperfect commitment when the reserve may signal the auctioneer's type
Jun, Byoung Heon; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2013
If bidders are uncertain whether the auctioneer sticks to the announced reserve, some bidders respond by not bidding, speculating that the auctioneer may revoke the reserve. However, the reserve inadvertently signals the auctioneer's type, which drives a unique separating and a multitude of...
Persistent link: https://www.econbiz.de/10010668400
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Auctioning Process Innovations when Losers’ Bids Determine Royalty Rates
Fan, Cuihong; Jun, Byoung Heon; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2009
We consider a licensing mechanism for process innovations that combines a license auction with royalty contracts to those who lose the auction. Firms’ bids are dual signals of their cost reductions: the winning bid signals the own cost reduction to rival oligopolists, whereas the losing...
Persistent link: https://www.econbiz.de/10008501954
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Licensing a common value innovation when signaling strength may backfire
Fan, Cuihong; Jun, Byoung Heon; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2010
of combining auctions and royalty contracts for losers. …
Persistent link: https://www.econbiz.de/10008501956
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License Auctions with Royalty Contracts for (Winners and) Losers
Giebe, Thomas; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2007
profitable than standard license auctions, auctioning royalty contracts, fixed–fee licensing, pure royalty licensing, and two …
Persistent link: https://www.econbiz.de/10005739670
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License Auctions with Royalty Contracts for Losers
Giebe, Thomas; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2006
licensing without reducing bidders’ surplus; therefore, it is more profitable than both standard license auctions and pure …
Persistent link: https://www.econbiz.de/10005785795
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License auctions with exit (and entry) options: Alternative remedies for the exposure problem
Hu, Luke; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2012
Inspired by some spectrum auctions, we consider a stylized license auction with incumbents and one entrant. Whereas the …
Persistent link: https://www.econbiz.de/10010602240
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Optimal bid disclosure in license auctions with downstream interaction
Fan, Cuihong; Jun, Byoung Heon; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2014
The literature on license auctions for process innovations in oligopoly assumed that the auctioneer reveals the winning …, partial, and no disclosure of bids, which correspond to standard auctions. We show that more information disclosure increases …
Persistent link: https://www.econbiz.de/10011140993
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Procurement with Costly Bidding, Optimal Shortlisting, and Rebates
Fan, Cuihong; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2006
We consider the procurement of a complex, indivisible good when bid preparation is costly, assuming a population of …
Persistent link: https://www.econbiz.de/10005739676
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How to Allocate R&D (and Other) Subsidies: An Experimentally Tested Policy Recommendation
Giebe, Thomas; Grebe, Tim; Wolfstetter, Elmar G. - Volkswirtschaftliche Fakultät, … - 2005
This paper evaluates how R&D subsidies to the business sector are typically awarded. We identify two sources of ine_ciency: the selection based on a ranking of individual projects, rather than complete allocations, and the failure to induce competition among applicants in order to extract and...
Persistent link: https://www.econbiz.de/10005835213