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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
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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
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Auctions with Imperfect Commitment When the Reserve May Serve as a Signal
Jun, Byoung - 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/10013059473
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Security Bid Auctions for Agency Contracts
Jun, Byoung - 2014
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/10013060470
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Optimal Cost Overruns : Procurement Auctions and Renegotiation
Herweg, Fabian - 2016
Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constraint optimal award …
Persistent link: https://www.econbiz.de/10012993698
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Flow Trading
Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023
-linear demand curves with quantities as flows (shares/second). Batch auctions clear all asset markets jointly in discrete time …
Persistent link: https://www.econbiz.de/10014250116
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Procurement with unforeseen contingencies
Herweg, Fabian; Schmidt, Klaus M. - 2017
Persistent link: https://www.econbiz.de/10011770710
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An Externality-Robust Auction : Theory and Experimental Evidence
Bartling, Björn - 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 have...
Persistent link: https://www.econbiz.de/10013054012
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Search Frictions, Competing Mechanisms and Optimal Market Segmentation
Cai, Xiaoming - 2016
be decentralized by sellers posting auctions combined with a fee that is paid by (or to) all buyers with whom the seller …
Persistent link: https://www.econbiz.de/10012988409
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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