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We consider a budget-constrained mechanism designer who selects an optimal set of projects to maximize her utility … participation and budget constraints must hold for each possible outcome, while the mechanism must be strategyproof. We identify …
Persistent link: https://www.econbiz.de/10011697176
The procurement of complex projects is often plagued by large cost overruns. One important reason for these additional …
Persistent link: https://www.econbiz.de/10011762526
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
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
Auctions with endogenous rationing have been introduced to stimulate competition. Such (procurement) auctions reduce …
Persistent link: https://www.econbiz.de/10012195628
We study optimal mechanisms for a utilitarian designer who seeks to assign a finite number of goods to a group of ex ante heterogeneous agents with unit demand. The agents have heterogeneous marginal utilities of money, which may naturally arise in environments where agents have different wealth...
Persistent link: https://www.econbiz.de/10014438989
Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constrained optimal award …
Persistent link: https://www.econbiz.de/10011762813
We consider a multi-dimensional procurement problem in which sellers have private information about their costs and … Bayesian procurement mechanism that implements the efficient allocation under the constraint that sellers are protected by …
Persistent link: https://www.econbiz.de/10011976063
For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation. If …
Persistent link: https://www.econbiz.de/10011596132
-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