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 …

-cutting ; Public procurement ; First-price auction ; Experiment …

first-price auction which do not have any minimum price. We find that winning prices of this new institution (i) coincide … with the ones of the standard first-price auction and are close to the production cost under our identical cost condition …, and (ii) are higher than the ones of the standard first-price auction and diverge from the lowest production cost under …

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 …

We conducted laboratory experiments for the multi-unit Vickrey auction with and without advice to subjects on strategy … received advice. By conducting similar experiments for the pay-your-bid auction, which is not strategy-proof, we confirm that …-called experimenter demand effect. Moreover, providing advice improves efficiency in the Vickrey auction, particularly in the early …

In multi-object auction models with unitary demand agents, if agents utility functions satisfy quasi-linearity, three … auction formats, sealed-bid auction, exact ascending auction, and approximate ascending auction, are known to identify the … results for multi-object auction models with agents with multi-unit demand, and matching with contracts models are also …

We conduct laboratory experiments for the Vickrey auction with and without an announcement on strategy-proofness to … the announcement. Moreover, by conducting experiments for the pay-your-bid auction, which is not strategy-proof, with and …

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 …

This study explores two key factors influencing subjects' deviation from domi- nant bidding in Vickrey auction … analyze the effect of understanding SP, we quiz subjects before an experimental Vickrey auction and examine whether their … Vickrey auction experiments is not human interaction but a lack of understanding of SP. …