We analyze multi-attribute procurement auctions with risk-averse suppliers. As the number of suppliers increases or the suppliers become more risk-averse, the equilibrium bidding price decreases under the first-score auction but remains the same under the second-score auction. A buyer prefers...

We study reputations with imperfect audit and a reputation market. The main result shows the existence of a separating equilibrium in the reputation market, which contrasts with Tadelis [Tadelis, S., 2002, The market for reputations as an incentive mechanism, Journal of Political Economy 110(4),...