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Strategic behavior and underpricing in uniform price auctions : evidence from Finnish treasury auctions
Keloharju, Matti; Nyborg, Kjell G.; Rydqvist, Kristian - 2003
averse, this suggests that private information and the winner's curse may play an important role in these auctions. …
Persistent link: https://www.econbiz.de/10011591006
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Insiders-outsiders, transparency and the value of the ticker
Cespa, Giovanni (contributor); Foucault, Thierry (contributor) - 2008
We consider a multi-period rational expectations model in which risk-averse investors differ in their information on … expected utility than outsiders. Yet, information acquisition by one investor exerts a negative externality on other investors …. Thus, investors' average welfare is maximal when access to price information is rationed. We show that a market for price …
Persistent link: https://www.econbiz.de/10003740321
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Restructuring Electricity Markets when Demand is Uncertain: Effects on Capacity Investments, Prices and Welfare
Buehler, Stefan; Boom, Anette - 2006
We examine the effects of reorganizing electricity markets on ca- pacity investments, retail prices and welfare when demand is uncer- tain. We study the following market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) sep- arated duopoly with...
Persistent link: https://www.econbiz.de/10012142329
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Real-time Pricing in Power Markets: Who Gains?
Boom, Anette; Schwenen, Sebastian - 2013
We examine welfare e ffects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price...
Persistent link: https://www.econbiz.de/10012142375
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Restructuring the Electricity Industry: Vertical Structure and the Risk of Rent Extraction
Boom, Anette; Buehler, Stefan - 2014
We study the role of vertical structure in determining generating capacities and retail prices in the electricity industry. Allowing for uncertain demand, we compare three market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) separated duopoly...
Persistent link: https://www.econbiz.de/10012142377
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Bid Regulations in a Multi-unit Uniform Price Auction
Boom, Anette - 2016
This paper examines the effect of bid regulations on the range of potential equilibrium prices in a multi-unit uniform price auction with heterogenous bidders. General bid caps destroy equilibria with prices above the bid cap and create new equilibria with prices way below the cap. A cap only...
Persistent link: https://www.econbiz.de/10012142381
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Vertical Structure and the Risk of Rent Extraction in the Electricity Industry
Boom, Anette; Buehler, Stefan - 2018
This paper studies how competition and vertical structure jointly determine generating capacities, retail prices, and welfare in the electricity industry. Analyzing a model in which demand is uncertain and retailers must commit to retail prices before they buy electricity in the wholesale...
Persistent link: https://www.econbiz.de/10012142389
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Bid Costs and the (In)efficiency of Public Procurement Auctions
Blomgren-Hansen, Niels - 2019
The paper analyzes the excess entry hypothesis for sealed-bid first price public procurement auctions.The hypothesis is proved analytically for any feasible combination of bid preparation cost and bid evaluation cost when the bidders face a rectangular cost density function and confirmed in...
Persistent link: https://www.econbiz.de/10012142393
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Declining Valuations and Equilibrium Bidding in Central Bank Refinancing Operations
Christian Ewerhart; Nuno Cassola; Natacha Valla - Institut für Schweizerisches Bankwesen <Zürich> - 2007
Among the most puzzling observations for the euro money market are the bid shading in the weekly refinancing operations and the development of interest rate spreads. To explain these observations, we considera standard divisible-good auction à la Klemperer and Meyer (1989) with uniform or...
Persistent link: https://www.econbiz.de/10005858044
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All-Pay auctions with negative prize externalities : theory and experimental evidence
Sacco, Dario; Schmutzler, Armin - 2008
The paper characterizes the mixed-strategy equilibria in all-pay auctions with endogenous prizes that depend positively on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment games, lobbying games, and promotion tournaments. We also...
Persistent link: https://www.econbiz.de/10003892457