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...

Public procurement of infrastructure has been subject to a long standing debate concerning the procurements' qualification requirements. Basically, it remains unclear what determines public procurement officers to vary procurements' qualification requirements. This research serves to elaborate...

Currently, multi-attribute auctions are becoming widespread awarding mechanisms for contracts in construction, and in these auctions, criteria other than price are taken into account for ranking bidder proposals. Therefore, being the lowest-price bidder is no longer a guarantee of being awarded,...

Bank loans are more available and cheaper for new and small businesses in the US in areas with highly concentrated banks than in areas with highly competitive banks. We explain this fact by analyzing banks' decisions to screen risky projects and their subsequent competition in loan provisions....