Showing 1 - 10 of 140
This paper analyzes an auction mechanism that excludes overoptimistic bidders inspired by the rules of the procurement … exclusion rule reduces the probability of suffering a monetary loss induced by winning the auction, and also mitigates the …
Persistent link: https://www.econbiz.de/10013158242
We examine auction data to determine if bid rigging presents in procurement auctions for paving works in Ibaraki City … the ring is all-inclusive if the auction is not the bidding war, we estimate the scheme by which the ring allocates a win …
Persistent link: https://www.econbiz.de/10014217151
In this paper we analyse scoring auctions with general non-quasilinear scoring rules. We assume that cost function of each firm is additively separable in quality and type. In sharp contrast to the recent results in the literature we show the following. (i) Equilibria in scoring auctions can be...
Persistent link: https://www.econbiz.de/10013052249
procedure. Producers who join this new auction institution have the incentive to raise their bids and pull up the EMP in order … new auction institution (i) are close to the production cost and coincide with those of the standard FPA under the …
Persistent link: https://www.econbiz.de/10014207223
This paper reports the theoretical and experimental results of auctions for public construction in which firms cut corners. We show that the winning bids and the winner's quality choices of the constructed buildings are both zero in equilibria if there are at least two firms whose initial cash...
Persistent link: https://www.econbiz.de/10014207647
Potential bidders respond to a seller’s choice of auction mechanism for a common-value or affiliated-values asset by …. Privately informed participants decide whether to incur a bid-preparation cost and pay an entry fee, or cease competing. Auction … revenue identity for any auction mechanism implies that optimal auctions are allocatively efficient; a nontrivial reserve …
Persistent link: https://www.econbiz.de/10014177982
-discriminate among potential buyers. To understand why this is the case, we consider an auction-like environment in which a seller with … trading process resembles the Dutch auction, except that the seller is allowed to offer different prices to different buyers … payoff is driven down to the second-price auction level. Our analysis suggests that having the discretion to price …
Persistent link: https://www.econbiz.de/10014158213
This paper analyzes an all-pay auction where the winner is determined according to the sum of the bid and a handicap …” of the equilibrium strategy in an all-pay auction without handicaps. The paper also discusses the allocation rule …
Persistent link: https://www.econbiz.de/10013142214
A seller is selling multiple objects to a set of agents, who can buy at most one object. Each agent's preference over (object, payment) pairs need not be quasilinear. The seller considers the following desiderata for her mechanism, which she terms desirable: (1) strategy-proofness, (2) ex-post...
Persistent link: https://www.econbiz.de/10012854303
-discriminate among potential buyers. To understand why this is the case, we consider an auction-like environment in which a seller with … trading process resembles the Dutch auction, except that the seller is allowed to offer different prices to different buyers … payoff is driven down to the second-price auction level. Our analysis suggests that having the discretion to price …
Persistent link: https://www.econbiz.de/10010332208