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Auctioning monopoly franchises : award criteria and service launch requirements

Moretto, Michele; Dosi, Cesare - 2009

We study the competition to acquire the exclusive right to operate an infrastructure service, by comparing two different specifications for the financial proposals - "lowest price to consumers" vs "highest concession fee", and two alternative contractual arrangements: a contract which imposes...

Persistent link: https://www.econbiz.de/10008810289

Auctioning vs. grandfathering in cap-and-trade systems with market power and incomplete information

Alvarez González, Francisco; Jarque Andrés, Francisco - 2013

-unit, multi-bid uniform auction, modelled as a Bayesian game of incomplete information. At the auction each firm anticipates his … as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it … would occur in simpler auction models. Auctioning tends to be more cost-effective than grandfathering when the firms' costs …

Persistent link: https://www.econbiz.de/10010226080

Bidding for conservation contracts

Di Corato, Luca; Dosi, Cesare; Moretto, Michele - 2014

Contracts providing payments for not developing natural areas, or for removing cropland from production, generally require long-term commitments. Landowners, however, can decide to prematurely terminate the contract when the opportunity cost of complying with conservation requirements increases....

Persistent link: https://www.econbiz.de/10010380650

Auction mechanisms and bidder collusion : bribes, signals and selection

Llorente-Saguer, Aniol; Zultan, Ro’i - 2014 - This version: November 20, 2014

ensuing auction, leading to loss of efficiency and eliminating the revenue dominance typically observed in firstprice auctions. …

Persistent link: https://www.econbiz.de/10010472820

Rationing in IPOs

Parlour, Christine A.; Rajan, Uday - 2003

We provide a model of bookbuilding in IPOs, in which the issuer can choose to ration shares. We consider two allocation rules. Under share dispersion, before informed investors submit their bids, they know that, in the aggregate, winning bidders will receive only a fraction of their demand. We...

Persistent link: https://www.econbiz.de/10011590001

Cost uncertainty and time overruns in public procurement : a scoring auction for a contract with delay penalties

Dosi, Cesare; Moretto, Michele - 2017

Drawing on the real-options theory we analyse bidding behaviour in a sealed-bid-first-score procurement auction where …

Persistent link: https://www.econbiz.de/10011599251

Late and multiple bidding in competing second price

Stryszowska, Marta - 2004

seconds of an auction, knowing that bids arriving after the closure of the auction are not counted. They also bid several … times at the same auction. We model Internet auction as a dynamic multi-unit auction. This let us explain the rationality of …

Persistent link: https://www.econbiz.de/10011599306

Comparing open and sealed bid auctions : theory and evidence from timber auctions

Athey, Susan; Levin, Jonathan; Seira, Enrique - 2004

.S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more … for these qualitative effects of auction format. We then calibrate the model using parameters estimated from the data and … bidder competitiveness, which has important consequences for auction choice. …

Persistent link: https://www.econbiz.de/10011607074

Behavioral biases of dealers in U.S. Treasury auctions

Goldreich, David - 2004

This paper provides evidence of bounded rationality by large dealers in U.S. Treasury auctions. I argue that these dealers use a heuristic of yield-space bidding which leads to biases manifested in three ways: they submit dominated bids, i.e., those that could be improved without raising the...

Persistent link: https://www.econbiz.de/10011607087

How to win twice at an auction : on the incidence of commissions in auction markets

Ginsburgh, Victor; Legros, Patrick; Sahuguet, Nicolas - 2004

We analyze the welfare consequences of an increase in the commissions charged by the organizer of an auction … of tax incidence in consumer economics. We argue, however, that auction markets deserve a separate treatment. Indeed we …

Persistent link: https://www.econbiz.de/10011607172