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Bayesian implementation and rent extraction in a multi-dimensional procurement problem

Herweg, Fabian; Schmidt, Klaus M. - 2018

We consider a multi-dimensional procurement problem in which sellers have private information about their costs and about a possible design flaw. The information about the design flaw is necessarily correlated. We solve for the optimal Bayesian procurement mechanism that implements the efficient...

Persistent link: https://www.econbiz.de/10011976063

Adding a stick to the carrot? : the interaction of bonuses and fines

Fehr, Ernst; Schmidt, Klaus M. - In: The American economic review 97 (2007) 2, pp. 177-181

Persistent link: https://www.econbiz.de/10003501689

Paying for open access

Stich, Lucas; Spann, Martin; Schmidt, Klaus M. - 2021

Open access (OA) publishing upends the traditional business model in scientific publishing by requiring authors instead of readers to pay for the publishing-related costs. In this paper, we aim to elicit the willingness to pay (WTP) of authors for open access publishing. We conduct two separate...

Persistent link: https://www.econbiz.de/10012500292

Prices versus quantities with morally concerned consumers

Schmidt, Klaus M.; Herweg, Fabian - 2021

efficient in controlling pollution when there is no uncertainty. We show that this is not the case if some consumers (firms …, local governments) are morally concerned about pollution and the pollution price is inefficiently low for political reasons … to reduce pollution, while price regulation makes these efforts effective. …

Persistent link: https://www.econbiz.de/10012500312

Competition and incentives

Schmidt, Klaus M.; Fey, Lisa Magdalena; Thoma, Carmen - 2017 - This version: April 27, 2017

We report on two experiments that identify non-monetary incentive effects of competition. As the number of competitors increases, monetary incentives to engage in cost reduction tend to decrease. We test the hypothesis that there are non-monetary incentive effects of competition going in the...

Persistent link: https://www.econbiz.de/10011697511

Delegating pricing power to customers : pay what you want or name your own price?

Krämer, Marius-Florentin; Schmidt, Klaus M.; Spann, Martin - 2017

Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customer driven pricing mechanisms that give customers (some) pricing power. Both have been used in service industries with high fixed costs to price discriminate without setting a reference price. Their participatory and innovative...

Persistent link: https://www.econbiz.de/10011591510

Auctions versus negotiations : the effects of inefficient renegotiation

Herweg, Fabian; Schmidt, Klaus M. - 2017 - This version: January 29, 2017

For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation. If the buyer can specify the main characteristics of possible design improvements in a complete contingent contract, a scoring auction implements the efficient allocation. If this...

Persistent link: https://www.econbiz.de/10011596132

Procurement with unforeseen contingencies

Herweg, Fabian; Schmidt, Klaus M. - 2017 - This version: October 15, 2017

The procurement of complex projects is often plagued by large cost overruns. One important reason for these additional costs are flaws in the initial design. If the project is procured with a price-only auction, sellers who spotted some of the flaws have no incentive to reveal them early. Each...

Persistent link: https://www.econbiz.de/10011762526

Focusing climate negotiations on a uniform common commitment can promote cooperation

Schmidt, Klaus M.; Ockenfels, Axel - 2021 - Final version

International cooperation on the reduction of greenhouse gas emissions, disarmament, or free trade needs to be negotiated. The success of such negotiations depends on how they are designed. In the context of international climate change policy, it has been proposed [e.g., Weitzman J of the...

Persistent link: https://www.econbiz.de/10012500234

How to increase public support for carbon pricing

Woerner, Andrej; Imai, Taisuke; Pace, Davide Domenico; … - 2023

The public acceptability of a carbon price depends on how the revenues from carbon pricing are used. In a fully incentivised experiment with a large representative sample of the German population, we compare five different revenue recycling schemes and show that support for a carbon price is...

Persistent link: https://www.econbiz.de/10014476769