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Low-Revenue Equilibria in Simultaneous Ascending-Bid Auctions

Engelbrecht-Wiggans, Richard; Kahn, Charles M. - In: Management Science 51 (2005) 3, pp. 508-518

Low-revenue equilibria allow participants in an auction to obtain goods at prices lower than would prevail in a competitive market. These outcomes are generated as perfect equilibria of ascending-bid, multiunit auctions. We show that these equilibria are possible under mild...

Persistent link: https://www.econbiz.de/10009209090

On a Possible Benefit to Bid Takers from Using Multi-Stage Auctions

Engelbrecht-Wiggans, Richard - In: Management Science 34 (1988) 9, pp. 1109-1120

. Yet despite the significance of such auctions, the existing theory of auctions and competitive bidding fails to explain … bidders to acquire information---or, more generally, to increase the amount of resources committed to bidding---in stages. We …

Persistent link: https://www.econbiz.de/10009209221

Resource Allocation Models with Risk Aversion and Probabilistic Dependence: Offshore Oil and Gas Bidding

Keefer, Donald L. - In: Management Science 37 (1991) 4, pp. 377-395

Bidding for offshore U.S. oil and gas leases is a major corporate resource allocation problem involving enormous … uncertainties and very high stakes. This paper presents two new, operationally useful decision analysis models to aid in bidding for … evaluating proposed bidding policies or as objective functions in optimization formulations. Practicality of their data …

Persistent link: https://www.econbiz.de/10009209318

Combining Buy-In Penalties with Commissions at Auction Houses

Greenleaf, Eric A.; Sinha, Atanu R. - In: Management Science 42 (1996) 4, pp. 529-540

Most auction sellers consign property to auction houses rather than holding the auction themselves. In addition to charging sellers a commission on property that sells in the auction, many auction houses also specify buy-in penalties in auction contracts. This is an amount the seller must pay...

Persistent link: https://www.econbiz.de/10009214223

Implicit Cost Allocation and Bidding for Contracts

Cohen, Susan I.; Loeb, Martin - In: Management Science 36 (1990) 9, pp. 1133-1138

. An independent private-values bidding model is employed to endogenously determine an optimal cost allocation; we term …

Persistent link: https://www.econbiz.de/10009214828

State of the Art---Auctions and Bidding Models: A Survey

Engelbrecht-Wiggans, Richard - In: Management Science 26 (1980) 2, pp. 119-142

Auctions and bidding models are attracting an ever increasing amount of attention. The Stark and Rothkopf (Stark, R. M …., M. H. Rothkopf. 1979. Competitive bidding: a comprehensive bibliography. Oper. Res. 27 (2) 364--390.) bibliography … surveys the main theoretical results and research efforts of the literature on auctions and bidding. A framework is presented …

Persistent link: https://www.econbiz.de/10009214914

Naive Bidding

Deltas, George; Engelbrecht-Wiggans, Richard - In: Management Science 51 (2005) 3, pp. 328-338

This paper presents an equilibrium explanation for the persistence of naive bidding. Specifically, we consider a common …

Persistent link: https://www.econbiz.de/10009203703

The Name-Your-Own-Price Channel in the Travel Industry: An Analytical Exploration

Wang, Tuo; Gal-Or, Esther; Chatterjee, Rabikar - In: Management Science 55 (2009) 6, pp. 968-979

Name-your-own-price (NYOP) retailers, such as Priceline, offer an alternative distribution channel for service providers in the travel industry such as airlines, hotels, and car rental companies. Our research employs an analytical model to identify and understand key trade-offs driving the...

Persistent link: https://www.econbiz.de/10009203901

On the Estimation of Bid Distributions in Real Estate Markets

Tryfos, Peter - In: Management Science 27 (1981) 5, pp. 587-601

The price at which a real property is sold depends on the initial asking price, the distribution of potential bids for the property by interested buyers, the quality and intensity of the advertising message, and the manner in which the initial asking price is revised if the property is not...

Persistent link: https://www.econbiz.de/10009204471

Dual Sourcing in Repeated Procurement Competitions

Klotz, Dorothy E.; Chatterjee, Kalyan - In: Management Science 41 (1995) 8, pp. 1317-1327

The issue of maintaining competition over time in a repeated procurement setting is important for both government and private sector buyers. The U.S. Department of Defense has experimented with splitting production quantities between two or more contractors in an effort to make government...

Persistent link: https://www.econbiz.de/10009204475