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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
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Revenue maximization with partially verifiable information
Reuter, Marco - 2023 - Last update: November 8, 2023
I consider a seller selling a good to bidders with two-dimensional private information: their valuation for a good and their characteristic. While valuations are non-verifiable, characteristics are partially verifiable and convey information about the distribution of a bidder’s valuation. I...
Persistent link: https://www.econbiz.de/10014440016
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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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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
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Cross-game learning and cognitive ability in auctions
Giebe, Thomas; Ivanova-Stenzel, Radosveta; Kocher, Martin; … - 2022
Overbidding in sealed-bid second-price auctions (SPAs) has been shown to be persistent and associated with cognitive … cognitive skills. Employing an order-balanced design, we use first-price auctions (FPAs) to expose participants to an auction …
Persistent link: https://www.econbiz.de/10014476711
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Revenues and welfare in auctions with information release
Schweizer, Nikolaus; Szech, Nora - 2015
Auctions are the allocation-mechanisms of choice whenever goods and information in markets are scarce. Therefore … comparative statics of welfare versus revenues for auctions with one or more objects and varying numbers of bidders. Depending on …
Persistent link: https://www.econbiz.de/10010529939
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The quantitative view of Myerson regularity
Schweizer, Nikolaus; Szech, Nora - 2015 - December 2015
In mechanism design, Myerson regularity is often too weak for a quantitative analysis of performance. For instance, ratios between revenue and welfare, or sales probabilities may vanish at the boundary of Myerson regularity. This paper therefore explores the quantitative version of Myerson...
Persistent link: https://www.econbiz.de/10011406392
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How do sellers benefit from buy-it-now prices in Ebay auctions? : an experimental investigation
Grebe, Tim; Ivanova-Stenzel, Radosveta; Kröger, Sabine - 2018
In Buy-It-Now (BIN, hereafter) auctions, sellers can make a "take-it-or-leave-it" price offer (BIN price) prior to an … to auction prices substantially below those expected in second-price auctions. Our results reveal that the observed price … BIN prices to eBay auctions has an enhancing effect: the eBay BIN auction is more efficient and generates significantly …
Persistent link: https://www.econbiz.de/10011902715
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Ex-post optimal knapsack procurement
Jarman, Felix; Meisner, Vincent - 2017
We consider a budget-constrained mechanism designer who selects an optimal set of projects to maximize her utility. Projects may differ in their value for the designer, and their cost is private information. In this allocation problem, the quantity of procured projects is endogenously determined...
Persistent link: https://www.econbiz.de/10011697176
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A small volume reduction that melts down the market : auctions with endogenous rationing
Ehrhart, Karl-Martin; Hanke, Ann-Katrin; Ott, Marion - 2020
Auctions with endogenous rationing have been introduced to stimulate competition. Such (procurement) auctions reduce …
Persistent link: https://www.econbiz.de/10012195628