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Strategic Leaks in First-Price Auctions and Tacit Collusion : The Case of Spying and Counter-Spying
Fan, Cuihong; Jun, Byoung; Wolfstetter, Elmar G. - 2021
We analyze strategic leaks due to spying out a rival’s bid in a first-price auction. Such leaks induce sequential bidding, complicated by the fact that the spy may be a counterspy who serves the interests of the spied at bidder and reports strategically distorted information. This ambiguity...
Persistent link: https://www.econbiz.de/10013231973
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Strategic Leaks in First-Price Auctions and Tacit Collusion: The Case of Spying and Counter-Spying
Fan, Cuihong; Jun, Byoung Heon; Wolfstetter, Elmar G. - 2021
We analyze strategic leaks due to spying out a rival’s bid in a first-price auction. Such leaks induce sequential bidding, complicated by the fact that the spy may be a counterspy who serves the interests of the spied at bidder and reports strategically distorted information. This ambiguity...
Persistent link: https://www.econbiz.de/10012582084
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Core-stable rings in auctions with independent private values
Biran, Omer; Forges, Françoise - 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/10010273875
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Collusion through market sharing agreements : evidence from Quebec's road paving market
Leverano, Adriano de - 2019
largest rms bidding in provincial road paving procurement auctions in Quebec between 2007 and 2015. I use the police … investigation into collusion and corruption in the Quebec construction industry launched in October 2009 to capture the end of this …
Persistent link: https://www.econbiz.de/10012129347
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Complementary bidding and the collusive arrangement : evidence from an antitrust investigation
Clark, Robert; Coviello, Decio; Leverano, Adriano de - 2020
A number of recent papers have proposed that a pattern of isolated winning bids may be associated with collusion. In … contrast, others have suggested that bid clustering, especially of the two lowest bids, is indicative of collusion. In this …, whose asphalt industry has not been the subject of collusion allegations. Our findings provide causal evidence that the …
Persistent link: https://www.econbiz.de/10012299673
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Procurement design with loss averse bidders
Fugger, Nicolas; Gillen, Philippe; Riehm, Tobias - 2019
We show that it is beneficial for a buyer to conduct a multi-stage mechanism if bidders are loss averse. In a first step, we derive a revenue equivalence principle. Fixing the multi-stage structure, the revenue is independent of the chosen payment rule. Secondly, we introduce a simple two-stage...
Persistent link: https://www.econbiz.de/10012146346
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Commitment in first-price auctions
Gillen, Philippe - 2019
We study the role of commitment in a first-price auction environment. We devise a simple two-stage model in which bidders first submit an initial offer that the auctioneer can observe and then make a counteroffer. There is no commitment on the auctioneer's side to accept an offer as is or even...
Persistent link: https://www.econbiz.de/10012150752
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Second-chance offers and buyer reputation : theory and evidence on auctions with default
Engelmann, Dirk; Frank, Jeff; Koch, Alexander K.; … - 2020
Winners in online auctions frequently fail to complete purchases. Major auction platforms therefore allow "second …
Persistent link: https://www.econbiz.de/10012237211
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Motivated beliefs in auctions
Riehm, Tobias - 2022
In auctions bidders are usually assumed to have rational expectations with regards to their winning probability … auctions, I show that by decreasing the time between bids and revelation of results, the auctioneer can induce bidders to …
Persistent link: https://www.econbiz.de/10013463574
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Signalling in auctions : experimental evidence
Bos, Olivier; Gomez-Martinez, Francisco; Onderstal, Sander - 2021
underperforms in terms of efficiency relative to the winner-pay auctions. …
Persistent link: https://www.econbiz.de/10012500904